Unless Strategic were to assume liability for the total debts of OzJet - which appears most unlikely - it would need a creditor's deed of arrangement for Strategic to acquire only the company and it's AOC, for whatever is the going price for an AOC.
Technically it is possible; historically I don't recall any similar schemes getting up.
If that scheme is proposed, staff should consider they probably have a significant voting block by numbers and should consider maximisation of payment of their entitlements as their first and only priority.
If no scheme is proposed which would financially benefit staff, the Administrator must be directed to further investigate the share holder's alleged secured debt; distinct possibility the company knowingly traded insolvent and any financial transactions which occurred after the company became insolvent, including any transactions of a preferential nature.