Not a good situation to be in, but it's not over until it's over. Thoughts of course with employees and families.
I don't think there is much chance of, or indeed justification for, a government bailout. Consumer confidence in the brand may be fatally wounded following the media storm, and the social-media-group-hysteria effect is in full force which will make any future investors very nervous.
It would be a sad loss of a UK brand. Hopefully the profitable parts of the business can be kept running as going concern and grow into a new era in some form. Personally, have holidayed with TC as a civilian and found all staff to be fantastic. Wish them all the very best.