Buying out a bankrupt/failing airline…

A while back (in fact it was my first ever post!), I said that I wanted to start up my own airline, and I am now wondering whether it would be easier to take control of a bankrupt/failing airline, such as Olympic, and transform it…?

Using Olympic as an example, the government recently put the airline up for sale, however all the offers fell through for various reasons, and they are now asking for between 100-150million euros (£61m) to buy it.

Obviously I don’t have access to that kind of money, so it is not an option at this stage, but what are the chances of me being able to offer my services to a small but bankrupt/failing airline and try to help them transform it for the better…?