IMHO Viva does an okay job of a very difficult situation. Nearly all the pilots that I know there (or that were there) were VERY experienced, and NONE complained to me about safety. Its a very dumb pilot who gets going in an aeroplane that he doesnt consdier safe.
Most of the mgmt snakes are now gone, sadly together with some good guys too.
I doubt the Macao govt will let it fail.
Yes, they are old planes with grim interiors and service, and many flights get cancelled leaving people stranded. It is a "low cost" long-haul airline. But all the people who I know are still there do the best with the little they have. And that even includes the interim-CEO/shareholder, who is way better than anything that has gone before.