Dude, do you live in Portugal? That's exactly what they've been doing over here.
As a screaming example, our few transportation companies that are still public: Every time there's strike, there's hate stories in every media about how they should be privatised and all those workers fired, because they are leeches, they make too much money, don't want to work, etc. etc. etc. All those companies are technically bankrupt and the workers are blamed for running the company into the ground with too many benefits, bla, bla, bla.
However the story is pretty different. Our governments in the latest decades, being right-wing or Socialists (which is right transvestite as left), have been holding the transfers of money from ticketing, forcing the companies to make bank loans to keep operations running. After all these years, the companies are spending a lot more in loan interests than wages.
The solution to this? Easy. The government will take over all those companies' debt and privatise them really cheap (because nobody wants an "unprofitable" company full of "lazy" employees). The private groups that buy them will fire half of the staff, treat the remaining staff like cattle, increase tariffs to sky high levels, reduce the service to ridiculous minimums and then demand huge subsidies from the government because they are running such a "ingrate and unprofitable" public service.
Supreme irony, the privatised companies receive money from the state for every passenger they carry and also for the others they've lost due to their shitty service and excruciating tariffs.