Bankrupt management precedes bankruptcy. But airlines don't run out of cash overnight. Already in earlier years SR Top Dog Philippe Bruggisser and his gangster management team had siphoned airline revenues into ancillary activities under the SAirGroup enterprise, such as Swissport, Sabena, Swisshotel... It's a shame for the Swiss government, and the Swiss banking group to allow a corrupt management to run such a distinguished airline into the ground.
Since SR is a non EU airline, it's entirely conceivable that Swiss taxpayers will eventually have to pay to resurrect the airline.