See, the point of bankruptcy is - in Asian terms (not US Terms)
1) to stop paying creditors any loan due
2) stop any interest due on loans
3) freeze the staff movement, and impose a pay freeze
4) start trimming excess staff, with a consultant (kflyer may help there
)5) come up with a rescue plan, with new loans or all measures, to revive the airline
6) failing all of the above, shut down, forget the creditors, and let them rot with whatever they are due .. and dismiss all the staff
Or as a regional Asian Airline did, find a investor to take over and privatise it ..
Now the problem with UL is, who is the major creditor ?
And you think the party in power is going to stay in power, if they fire the thousands of UL staff ?
So back to plan B - continue pumping money ! And the previous management, I am sure, knew this, for them to go on a wild spending spree !

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