I'll go out on a limb and say they have a slim chance of survival.
Air Canada as been bleeding for some time, including during a healthy economy. The credit card companies no longer trust them and are watching them like a hawk, the unions rightly want their DB pensions topped up to where they should be, AC is taking their assets to the pawn brokers to raise capital.

A gross oversimplification. Your household spends considerably more money than it earns. You are in debt up to your eyeballs, what you you don't have encumbered you do encumber to raise money to pay other bills (rob Peter to pay Paul), your lenders watch you like a hawk as they are nervous. Bankruptcy will be around the corner, after you have been foreclosed on if not before.