In my opinion any company going bankrupt should have no choice but to allow employees to buy them out with government support.
I think that most companies going bankrupt seek to sell what they can for what they can get, no arm twisting needed. It's up to the employees to pool the necessary funds.
It's really unclear why the government should be compelled to support it, though. When Blockbuster Video went out of business, should the government have been forced to "help" Blockbuster employees keep providing the VHS copies of Ferris Bueller's Day Off that we all want in 2018?
I also think if companies buy other companies the parent company should remain responsible for debts.
That's like saying that if you buy a "fixer-upper" house, you're only buying the "good" parts of the house, but the seller is still financially responsible for the leaky roof and the old wiring. Here's a better idea: let the market factor both the good and the bad into the final price.