This is a potentially devastating scenario for literally thousands of people. Employees, families, suppliers, job applicants, you name it, there's massive potential for life changing happenings.
And conversely a struggling, debt-laden, desperate airline undermines the general health of the market, affecting many people in the industry for as long as it struggles along and 'transforms' itself whilst sapping revenue from other, healthier airlines and undermining their prospects. Maybe there just isn't a place for Monarch any more. Maybe other airlines could employ more people if Monarch just threw-in the towel. That's not gloating or celebrating, just pragmatism.