It was sad news indeed, to hear that Blue Sky Travel Systems have gone into administration.
It is never nice to hear that good professional people have lost their jobs.
I do not know the background to the situation that that caused their problems, other that what was reported in the trade press. However, there must have had serious difficulties integrating the application to the various business brands at TC for the customer to cancel the contract! It will have serious implications for TC as well so they cannot have taken the decision lightly.
The current question is what do 'interested' parties see in the remains of "Blue Sky"? They must have some technical interest but is it really that they think that if they buy the application rights to the software that there is chance of 'picking up' the TC business? If so, I think it is a long shot!
A, reputed, £20 million Software development is always a problematic thing, by it's very nature the relationship between the software house and the client will always have be difficult because they naturally have different perceptions of requirement and delivery - not to mention priority. The latter because these always change due to market pressure. In the end it comes down to trust and in this case that appears to have ceased.
My own opinion is that "Blue Sky" did a good job but close does not win you the cigar. A debate about how Web Browser based systems could meet this scale of project may well now start because everyone will be very interested in where Thomas Cook go from here and what technology platform they will use in the future!