no airline should be refunding any fares right now. If they do, they will certainly close down.
As long as airlines get rid of most of their costs, they will survive.
This means reducing staff, with no redundancy payments, reducing aircraft & only giving credits not refunds.
If an airline goes in administration/chapter 11, I don't think they have to pay any debts due, until later, whatever later means.
If some airlines don't survive, that will mean massive average price increases & therefore reduced tourism, which is no good for any economy.