Well the simplest and cheapest way would be to let them go under and mop up the aftermath with very little of the costs. Buy the jets, hire some of staff on EZ contracts and operate the new routes or increase frequencies on the current routes. There's no way they can morph into a ULCC like EZ or FR with a lower cost base as the crew costs are much higher, they don't have the economies of scale and haven't quite achieved critical mass and they don't have the brand awareness. They can transform into an ULCC but the cost base will never be as low as EZ/FR.