Have a look back at history to get an idea of where this may be going . Chapter 11 or a few other airlines that where in a similar state as Qantas . Think Philippine airlines is a good example as any . Govt run and losing money , business man buys it for peanuts and tells the govt its broke , he is allowed to get rid of staff at no cost . 1 day later resigns contracts with companies to provide all services at %15 (?) of original costs , orders new aircraft and has a profitable airline worth billions .
Won't be same for Qantas as laws and courts are different but its got a similar feel to it .