On a 737-800 This is the procedure and events that occur in event of loss of Gen 1 and Gen 2 in flight on a 737-800:
1) STBY AC BUS and STBY DC BUS automatically switch to their back-up source upon loss of both
engine driven generators. The STANDBY PWR OFF amber light should not be illuminated!
If you see this light illuminated, the first check-list to be started [before the LOSS OF BOTH
ENGINE DRIVEN GENERATORS] is the STANDBY POWER OFF NNC (non normal check list)
2) Bus Transfer switch OFF
3) Electrical Hydraulic pump switches OFF
4) APU select Start & On Busses
5) Bus Transfer switch AUTO
3) Electrical Hydraulic pump switches ON (one at a time)
5) Max APU Start Alt FL250.
6) Declare MAY DAY, if loss of only 1 generator declare PAN PAN.
Looking at the news tonight you would think that no APU or RAM air was available for a 747-400 - is this the case?