I think what the OP is arguing is that executives and investors have profited off of this arrangement. If they want to keep that airline afloat, they should have to put money back in.

Or here's a simpler mechanism-- the airline should sell stock to the public markets to raise capital. It's the natural response to running out of money because you spent it buying stock. The fact that this is a market downturn is something they'll have to deal with.