Hard to say, but they might have to shut the whole thing down, ala Ansett.
It's a bit of history repeating itself. The Saab (and then metroliner) services operated by Kendall and Hazelton, only ceased for a short period before resuming under the oversight of the Korda Mentha ( the administators), and then eventually sold to investors, who formed Rex.
Likewise with Aeropelican which emerged from AN as a separate company (who were merged with Brindabella who then went bankrupt, but some former staff resurrected it as FlyPelican using former Aeropelican aircraft) and Skywest (who went to VA eventually as VARA).