NOT good news.
Commiserations to all students and staff. I hope and pray that the students can recover their money they paid up front - if not, they will have a hard time completing their courses elsewhere.
I did my CPL writtens and ATPL upgrade @ PPSC - and they did a darned good job there.
When things recover (as they will, sooner or later) there will be a short hiatus while people now out of work get soaked up again, and then there will once again be a gigantic shortage in the market, with nobody able to get licensed for lack of money and schools. Boom and bust for pilots jobs has not proved good for anyone in the past, and won't in the future.