Maybe not IF someone chose & was able to write off the debt, but neither are good.
Yes, but Austrian are/were a national flag carrier & we all know they are like zombies, the living dead fed blood by whatever nation supports them, Jeez look at Alitalia. . . . so regretably even if they deserve to vanish & you to survive that isn't always the way it plays out.
My advice to anyone in Sky would be to look at other options, just in case, but I know there isn't much out there, particularly if you are at home & happy there.
I do really wish you well, but keep your eyes open and don't do too much work for free, or you could find yourself starting job hunting already 2 or 3 months in debt.