My guess is the government will punch through a whole bunch of revised bankruptcy legislation to make it easier to Phoenix large companies if its in the national interest (probably similar to chapter 11 in the states). Ie allowing them to tear up all existing contracts, EBAs, leases etc provided the administrator can demonstrate that the resurrected company can be profitable. Means the government won’t have to nationalise company’s or “pick winners” and still gets to save some jobs.
Unfortunately that still probably means widespread job losses and by by to the wide body fleet, ATRs, possibly tiger as well.... but it’d be better than than the whole show falling over