It wasn't a bail out, it was a loan with an interest rate increasing after 3 years, reason why CX CEO said the loan will be paid within 3 years.
Of course CX will be unable to pay, the government will give more money and the loan will be converted to government owned shares the airline becoming government property.
If Swire accepts to lose Cathay Pacific without a fight it should be a smooth transition however I believe they will try to cut cost as much as they can to delay that loss of control.
Good luck !