Some Wall Street analysts are stating that if private capital is available, the airlines will go that route instead without being burdened by government controls (and I assume that to mean also furloughing workers, as needed).
Should additional funds are needed, then either apply for government money (after furloughs) or file in a pre-packaged bankruptcy, and be assured, as it won't be like the GM bankruptcy where CBA's were relatively untouched for current workers.
Honestly, that's usually how it works where workers' wages and benefits are slashed, and I doubt the Trump Administration would be willing to loan money without re-working CBA's.