If I were Delta, I'd step in and offer to put the owners out of their misery and offer a low price for the whole outfit. I'd insist it were NOT on a transmission of business basis so that I could throw away anything of no value and just keep the core... Order a bunch of decals for temporary application to the remaining aircraft and then re-employ those I wanted on new conditions. Re-brand the whole thing Delta Australia, keep the colours for cheaper transition and get rid of the archaic reservations system and deploy Delta's IT platform, offshore all the maintenance to the United States to Delta's technical division other than daily maintenance and get rid of every aeroplane that doesn't exist in the parent DL fleet already. LAX would be gone, absorbed into DL, HKG gone, a fleet of 737-800s and get rid of Tiger, just merge any part of value into mainline. Contract out everything except for front line supervision, back office, etc. Load Control as it would presumably now be in the Delta system could be done remotely from Atlanta. Reservations similarly could be done by a combination of res office here and out of hours switched through to the USA (just like QF did with Tulsa and Hammersmith in the 80s and 90s).
I'm no big fan of the Americans as a nation at the moment, but their companies know how to clean a place out and re-set the priorities to making money, particularly in somewhere like Oz where they only have one major competitor.