If they are sold I really hope they are kept in operation, I'd love to see the Dart Group buy them and operate them as a southern subsidiary, they could consolidate LBA and most of MAN into Jet2 ops, expand at BHX, LGW, LTN etc. and could look at other bases with any surplus aircraft, ABZ, BRS, DSA spring to mind. Even somewhere like IOM might be able to support 1 aircraft if LS and MON were both absorbed into jet2holidays
So essentially it would be 2 airlines, owned by the same company, operating in different markets with as little overlap as possible (except maybe at MAN where they could probably continue operating side by side 70/30 LS/MON to increase capacity), both retaining their identity and flight only side of the business but Monarch flights incorporated into Jet2holidays bookings.
I reckon that would massively boost Jet2, Monarch and Dart group, and the new 737 MAX's would fit into LS's new fleet of 738's
Just an idea but it would be great to see