Justa Dash. I seem to remember reading in the Post Courier that Airlines of PNG were going to purchase the aircraft and then sell them to a leasing company, then lease them back.
That is not uncommon with large capital purchases like this. After all as you point out the business has been in the red for many years, not turning a profit since it floated, so it can't possibly have the cash. I should imagine they had to cut costs quite dramatically to get the banks and creditors on board with their plan.
The cash injection they received from the major shareholders and the acquisition of the majority of company from the previous owners was as you say to pay off the debt and try to start and get the Airline profitable.
The next step will be a rebranding, i.e. name change. I should imagine they will keep a few Dash 8 airframes, perhaps the younger ones. Then they will chase the mining work, (with the nice new ATR's) that hopefully will come up. Most of which they lost in the past.
ANG have certainly given them a leg up by pulling the rug from under the pilots, here's hoping that they don't do a similar thing.
Anyhow just a few thoughts from an outsider,thank God.