Monarch's balance sheet alone, actually, isn't bad. Lots of cash available.
BA, Ryanair and easyJet don't suffer from the same issues because they are all huge. Economies of scale. Monarch isn't huge, but they have been attempting expansion and cost cutting in the last few years, which is why they've ordered a load of 737's.
ATOL is just protection. It's not the AOC. The airline won't immediayely collapse, I don't believe, if the ATOL is not renewed.
Monarch used to be completely charter and it transitioned to scheduled as a reaction to a changing market. Cosmos, the holiday bookings section of the company, is now a tiny proportion, and many of its holidays are to destination that's monarch doesn't even fly to.
Monarch has been trading as Monarch since 1967, they used to suffer badly from an outdated business model, they've tried to adapt but maybe it was too little too late.
The media are trying to sell stories as always so they'll pump up the drama. And people believe it, as always. You can't blame a wasp for stinging you.
Ryanair is suffering from a pilot shortage because nobody, including the average monarch pilot, wants to work there. And as of right now the monarch pilots still have a job.
As a side note it appears that Ryanair didn't even try to wet lease aircraft to cover their shortfall and honour the tickets they've sold. Says a lot about them if it is as it looks.
I hope monarch survives in any way it can to keep it's people in a job. It's a tough business.