Towerman
I'm not convinced that Jet2 would wade into this, although it would be quantum leap in the scope of Jet2 coverage if it were to do so, but fleet integration,pay scales, & terms and condition would be mess. Whilst the 'Monarch' brand should have value, its only worth something if you intend to keep it, something that Jet2 would be unlikely to do.
For the same reason we can probably discount any of the other LCC getting involved, so a trade sale looks unlikely. I suspect they will have looked at their forward booking and started trimming anything that looks weak going into the winter, some suggestion that EMA flights may be moved in to BHX ahead of the winter program.
MAEL must be worth a lot of money though
So a restructuring and new investors for the airline business must be the best hope for staff and the owners, raising finance secured on the engineering business maybe, but it will be a damaging period for the airline, adapt or die, sadly