Eastern is very much more at risk in this battle than Loganair; and from within. Eastern has owners with an additional raison d'être and who may object to pointlessly incurring losses on an airline.
I would hesitate to say that Eastern is worth as much as £1 as a whole. Someone else might want to try their routes (I have no idea who; there isn't a good fit anywhere), but nobody would buy the company in its present condition.