Jack,
Fleet can be replaced, even with leased stock on a short-term basis, but my concern would be over ownership. Both are owned by 'Libyan African Aviation Holding Company', which
afaik is owned by the Libyan government. The hope would be for a smooth transition of assets from the old regime to the new, but I think that is optimistic.
Plan was to merge them, but I'm not sure of the reasons why there are two separate airlines - Afrriqiyah sees itself as a 'pan-African', rather than 'state' carrier, but many state carriers have regional or global ambitions. Tripoli is reasonably located as a transfer point for flights between Europe and Africa, but not between African states, as it is too far north.
My brother's father-in-law was due to fly with them in May - getting a refund is very messy as OTA and credit card company want to pass the buck, but he was repeatedly told right up until the day
after departure was due that the flight
was operating!