QF94 Yes, the 'tail held high' was the benchmark - as it was/is for many others. Swiss? BA? Kodak? Ford? HMV? etcetera.
The problem is keeping that tail aloft (and out of the dirt, as you say!) costs money. In the current era, most pax don't want to pay for the 'tail'. Companies cannot afford it and nor can holiday pax. Those new companies that can provide a reasonable/tolerable service at a price that pax will pay? They have the pax.
Which is why I say (too often I know) that age has everything to do with the company's problems. I hope they get through OK, however, some folks will get bruised before the process is settled - one way or the other.