MDS,
Unfortunately, Norway cannot cherry pick which parts of the company to bail out because it's just one company, and its massive debt bonds are issued to that one company, the same as its shareholders and stock listings are just to one single entity, regardless of how many AOC's, European bases, or foreign staff they have in their network for operational reasons.
This is why the creditors must either believe in their whole project or not. And the same for a public bail out. Otherwise it simply does not make any sense because they would carry on an enormous debt to just keep a miniscule part of the operation, and that's just not worth it financially.
Also, if they bail out norwegian but only want the actual Nordic part, they will have to dismiss so much staff across their multiple bases (along with their severance packages) that would make it very difficult for them to start up again.
Again, it's either the whole package, or bankruptcy, and then YES. You can now pick up the pieces you want along with any other parties to create whatever you wish.