In theory, yes. In reality, depending on the carrier, the Feds give a tremendous amount of lattitude on this. I've seen utterly bankrupt, shoe string operators lurch from day to day with nothing more than change they found in the crew lounge couch.

In the end, there's usually one big triggering event...pop an engine, put a wheel in the dirt, or some random contractor or airport that gets tired of waiting for their money and boots a plane(s). Everyone else freaks and does the same because they think they'll get left out. Then the game is over, and the end comes surprisingly fast.

It also depends on how financially savvy the operating management its. Sometimes the operation gets away from them and they just pull the plug. Braniff (the original) had something like 60 days of pre-paid fuel on the books when their clueless management pulled the plug.

That being said, my guess is they're smart enough here to thread the needle.