You could argue it might be a win for the ‘company’. Write off a lot of debt, renegotiate a raft of leases, reshape the business with little anyone can do about it, the government footing some of the bill. Then rebuild it to suit the market as it re-emerges. Not so good for the employees but that isn’t what big business is about.
Most of that Ansett would not have been able to do exactly because there was a competitive market at the time.