I think a lot of people here are massively underestimating the impact losing loganair would have on the economy.
The most obvious impact will be the loss of jobs. How many people are employed by loganair and at the airports they serve? Next you've got the economic impact associated with the loss of connectivity - tourism will decrease. Businesses will now face greater costs as day trips suddenly become 2 day affairs with hotels and car hire needed.
And do you think the ferry prices will stay the same once the competition has disappeared? No chance!
Loganair are essential to the island communities. A small bailout will be nothing compared to the eventual cost of supporting these communities as tourism and businesses collapse and relocate due to lost connectivity.
What form these bailouts remain to be seen - the government are thinking long and hard about how to do it, that's why they are hiring consultants and not just handing out suitcases of cash. The assistance will be done in such a way to ensure that the airlines can continue to operate, but without them profiting from it. They may be loans on commercial terms, or they may be equity stakes in the airline.
IMHO, one of the best options may be for the scottish government to take over a number of the airlines assets, similar to what is being done with the Twin Otters. The government assumes control of the Saab 340 fleet, removing a lot of the airlines costs for the time being, then leases them back to the airline on commercial terms. This way they are protecting the essential flights to the islands, while ensuring the airline doesn't profit too extensively from the move. Any additional regional flying is done at the airlines own risk.