It's definitely been a tough time for airlines and margins due to over capacity. Normally you'd expect the demise of a carrier to alleviate these pressures, but what will actually happen (and as LAX_LHR points out, is already happening in MAN) is that everyone is adding capacity to grab the excess market share.
I'll bet one everything's on sale, there will be more capacity than before and again margins will be squeezed to claw that precious market share from the grasps of others