Many of us are quite idle those days, so playing the speculation game is a silly but enjoyable fun. Please allow me to brainstorm on a hot Sunday morning.

My own speculation watching the situation, especially in Europe.
Entry restrictions will take forever to be lifted. Number 1 priority in each country is to restart the local economy while trying to contain the virus. The priority is to let international trade and production flow, not tourism. French tourists will stay at home rather than going to Asia. They will partly occupy the French hotels that Chinese tourists were planning to use.
Not letting tourists go abroad and return to import the virus is a visible political act showing that the government is doing something, besides its potential benefit. It will be many months till international tourism and non-essential business gets a very modest restart. Probably years before it reaches 50% of its past glory.

CX group is badly affected as it has no domestic flights, like in China, America and possibly EU. Until China extensively reopens (no quarantine), not only to HK permanent residents but to foreign pax, CX group is doomed.
All this to say that CX group will have to reinvent itself as a much smaller airline for the coming two and maybe more years. This will probably mean both pay cuts and massive layoffs, as already considered in Europe. All airlines have plans A, B, C, D,... depending on the severity of covid. As Lufhtansa's CEO Spohr stated as the AGM, LH will be a smaller airline when demand recovers in 2023. So will CX and they must be considering many options on how to consolidate their three brands.

BTW: Agreeing to spend HKD5 billion (cash and notes) in March 2019 before the big protests and covid, appears with hindsight as a big mistake.