Correct. Being "States-owned" (i.e. nationalized) seems to allow the management to hide from reality. They seem to lurch from one project to another.
The Portugese a/c you mention is G-LGIS. I have been told by someone who has flown it that it was not in good shape and hadn't been looked after in its earlier life. Yet Aurigny (blindly or in desperation?) bought it. All this beggars belief.