According to today´s newspaper "To Vima" the government will not consider option 3 (challenging the decision at court to delay the outcome)
They think it is more likely that Olympic shuts down and the assets will be sold.
The brand "Olympic" is also for sale.
The government would like the name to live on, used by a new operator, to soften the consequences and the political cost for the government.
One of the main reasons why Olympic is still around is "political cost". All the governments so far have chickened out to take unpopular decisions.