A restructure would likely involve new contracts for the remaining staff on a "take it or leave it basis". Preference given to locals then
PR holders followed by foreigners. Baby buses for the short range routes, A330 for the medium and a few A350s for the long haul. B777s largely remain grounded until demand picks up again, with a few kept flying to keep the operation current.
Once things pick up again, crewing requirements get reassessed and an agency is used to employ crew on fixed term contracts. Possibly one of the Chinese ones which provided pilots to the mainland airlines during the boom, or there may even be a Rishworth contract for the new entity. Names are checked against a black list before employment.