Your lifeblood (read employees) sincerely hope that there is a shift in the focus of "management" (term used very loosely) and you can return to your former glory.
Thats the biggest reason for hope right there. Most of the employees are still passionate about the company, highly frustrated, but passionate. They're gutted that the remnants of decades of high training standards, (in all fields) are now the only thing holding the show together and gutted that they know that that will only work for so long. never the less, they know it could still be turned around with a few years of hard work and some ballsy management decisions. Where are you exec management? This is your moment to shine, to earn those big bucks. Aim for some high standards again (it'l cost money) and market it to the Ausi public as a turning point if you have to, but for f#cks sake turn the boat around.