Weren't the airlines insolvent just a month or two ago, before they were bailed out? Can we confidently say that there is a 0% chance for a deus ex machina inte

Weren't the airlines insolvent just a month or two ago, before they were bailed out? Can we confidently say that there is a 0% chance for a deus ex machina intervention that will bring the equity back into play? I'm not suggesting that buying into this offering is a good idea or that bailouts are a good idea. However, given recent experience, assigning a > 0 price to Hertz equity is not irrational.