Remember PSO's are a top-up fund to make them viable they are NOT fully underwritten - the Twotters are owned by HIAL - and Bond family own outright most 145's - Loganair charge a management fee for the AOC and crew them - there is nothing that Loganair currently do that cannot be achieved by other carriers that have either no debt or that are not owned indirectly by UK Gov etc.
There is one airline in the UK that is owned 100% by a government-affiliated with UK PLC so no issues with route licences, types or capacity currently. Whilst I would never want anyone to lose their job - they are not a special case and without Bond family dipping in for the first 100 mill then its easier to let it fold - do a pre-pack and help as many people as they can with something not debt-laden. Twotters can go on another twotter AOC very quickly subject to CAA paperwork - interim ACMI capacity for the type instantly available in the UK - the rest is a moot point till load factors and unlock happens - you could fly BN2 islanders if need be.. After all Greenland has been doing mega sectors with their Dash 8 from Greenland to LHR and Denmark instead of the A330... so why not - needs must!