I'd be surprised if they were a subsidiary of KM, since the latter aren't in any fit state to expand let alone start up a new airline.
AirMalta is a very fit and capable airline that is going through a bad patch, like most other airlines in the world. The problem with AirMalta had always been that it was not able to expand before Malta joined the EU as Malta can only take so many tourists and the local market is not sufficient to sustain an airline. EU membership has given AirMalta a breath of fresh air and this can be the lifeline that the airline has been expecting. In fact AirMalta lost no time in setting up KMUK, with two A320's based in Manchester flying to holiday destinations in the Mediterranean.
With the prices I have seen of this half measured BritishJet.com, I don't see them going anywhere for too long. An what's with the MD
-80? We all know that is an old model with higher operating and maintenance costs than a B737.