we are talking about state-owned entities, both Air China and CITIC, for which the concept of debt is somewhat foreign. In spite of claims of neutrality CITIC has always been marching to the sound of trumpets in Beijing, and for sure money is the least concern for Air China pursuing the patriotic aim of returning CX to its rightful owners in the mainland.
My guess is, within two years Swire will be "gently" forced to cede control to mainlanders, this period may be significantly shorter if CX were to post significantly bad results. Following, in no strict order will be a new Air China hub in HK, rearranging CX as subsidiary a la Dragonair, and joining *A, of course with a quick route guaranteed by the mammasantissima from Cologne. OW would be at this point effectively dead as a competitive alliance and * will be the absolute ruler of the world skies, with all the consequences.
The only way out of this situation for CX is to do what HSBC did: join forces with another carrier (QF or perhaps MH) and move main headquarters out of HK, whose usefulness to CX is rapidly waning.