I haven't seen it mentioned publicly yet, but there's an extra dimension to this crisis for English universities: debt covenants, particularly debt cover ratios & minimum surplus requirements.

In particularly restrictive cases this might require the university to meet them every year. In other cases, be breached not more than 1 in 3 years or over a rolling 3-year average.

It will damage a university's ability to bounce back if it cuts hard to meet a covenant. (Management should be acting as if this is a short-term hit - if it isn't, it is beyond their capacity to cope alone through budget cuts)

UUK should be lobbying government for a loan scheme in the Autumn specifically to buy out creditors who want their money back rather than destroy HE capacity.
This will be embarrassing for some pre-92 universities who signed up unwisely to overly tight covenants.

But they gave away their autonomy when they signed up to those bonds and loans.

That is, this is not simply about small universities who don't have the (liquid) reserves to cover a hit in September or "unviable" institutions finally pushed over the edge. There will need to be plans in place for those involving grant support & bailout.

But there is a class of large universities who took on debt in the last 5 years, who took on tight covenants for the sake of saving a few basis points on interest.
They will need something else if things are bad.