There's a big cost implication here also. No AOC means no expensive postholders.
AOC's typically remain valid until revoked by the regulator or voluntarily rescinded by the holder. I'm not aware of an example of this happening before but it should, in theory, be possible and permissible provided it is all done above board.
If they own the name/brand then it doesn't matter whether they go private or not.
The big question that comes to my mind is - what kind of private operation will they undertake that allows them to operate as a revenue generating business without having an AOC? It constitutes a big shift in business model I'm guessing.
It's definitely a strange one.