This isn't much different from the Canadian deal. NAVCANADA is a non stock corporation chartered by the federal government. The money the Canadian government got for the assets (or rather going concern) was borrowed from several banks at very good interest rates. As I understood it at the time I believe there was at least a wink and a nudge that if the thing went belly up the Canadian government would take care of the bankers.
The loaned money will be paid back one way or another, you can be sure.
So NATS got bought in a highly leveraged buyout and is now left holding the bag, and in reality was going to be left holding the bag anyway all along. TAG probably never intended to actually have to pay the loan themselves or put any more cash in than necessary. When have you ever seen an airline put more cash in up front than necessary?
And HM government sold to an industry where the best way to make or have a million at the end of the year is to start out with 2 (at least!) Rosey Scenario indeed.