Yes, however the fundamental issue is that there are no paying passengers to prevent any "start-up" from getting into said debt in the first place. From a business perspective until an effective vaccine comes along quite frankly the opportunity in the airline is far from phenomenal; its truly woeful.
Perhaps in 5 years time once there are greener technologies, less flight-shaming and zoom fatigue truly sets in this will be better but until then if you haven't got a seat when the music stops: you're goosed.