So what happens? The QF group goes into administration. It's Ansett all over again. The Administrators move in with the dual goal of salvaging as much money for the creditors, and making as much money for themselves. So they split the component parts up and offer them for sale. Nobody touches the mainline operation. Too expensive. But SQ, EH, EK and QR go into battle for JQ and the winner rebrands it into a premium carrier. Domestic feed, check. Premium international operations on the lowest cost base in the region, check. Billions of dollars are poured into service improvements and aircraft acquisitions. And nobody in JQ gets a dime extra, check. Welcome to the brave new world.
The very first thing that would happen if the group went into receivership, would be the lessors immediately move in and take back the leased aircraft. Bang! There goes most of the Jetstar fleet on day 1. They would be taken straight offshore as soon as possible before any other creditor tried to have them impounded.
The mainline fleet on the other hand is significantly more outright owned or complex financed. The mainline fleet becomes parked as the sorting of the mess begins. The administrators then look for buyers for all the bits, with all the creditors in the queue for payment.
Buyers looking to rebirth an airline; look at the mainline branded stuff, aircraft, lounges, terminal leases, spares etc etc v the same for Jetstar. The buyers don't care less about what the staff conditions were before the collapse, they will be employing on completely new terms anyway, even lower than Jetstar. They are primarily interested in the hard assets and perhaps what's left of the branding and how quickly they can get it going before someone else moves into the market.
So what do think most buyers would likely do? Buy whatever has not been repossessed of Jetstar and try and lease new aircraft and everything else to rebuild the low cost carrier and then turn it into a premium carrier? Or do they try and snap up the good mainline assets for a bargain price or lease from the administrators and get the already Qantas branded stuff quickly back in the air; rehiring staff on a very "new" deal?
I may be wrong, but I understand the Tesna deal out of the Ansett ashes did not include staff being rehired on the same Ansett terms, unless it was an award not an agreement, but there was some dispute over the carry over entitlements. I'm sure today, it would be no questions, just out with the old terms, in with the new terms, take it or leave it.
Of course if it doesn't come to administration, then there is much more likelihood of some kind of rebranding/expansion from the low cost terms and conditions into the mainline brand. The hard part is doing this whilst maintaining the main brand to keep the customer base and all the employment regulation hurdles that have to be overcome.