The instant the airline says "We're no longer accepting bookings because we're working to figure out a cash situation." you've got to believe everyone else who is still booked will pull their ticket for a refund of any form. I would be.

There would be a massive outflow of what little available cash exists.

The announcement whether early or late is the immediate death knell of the company.

I do agree at face value this seems terrible, but I honestly don't see a better course of action given they were waiting for a bailout and then didn't receive it.