The PNG government is broke and can't pay wages on time for civil servants so it's ability to prop up ANG is not infinite given the eye watering bills an airline can generate.
Once insurance coverage runs out, international operations will have to cease. Expect to see very close surveillance from CASA and the other authorities in countries on the network in the meantime.
Unpaid fuel bills, airport charges and maintenance costs will soon have creditors circling over the carcass. Any leased aircraft will soon be repossessed.
With the difficulty in remitting money it would be very difficult to find any foreign airline to step in and get things back on track.
I doubt even the unmentionable one of the ME3 would be interested.