Do you really think Volvo wouldnt let Novabus go out of business? If it means preserving profit and cash flow they'll axe NovaBus and wont even think about it twice. They've greatly reduced their bus manufacturing business in Europe, and they've already withdrawn from the U.S market entirely.
It's more that the Quebec government wont let them go out of business until they've injected enough money into them and see that it wont be enough to save them.
Well this would be a very interesting turn of events. If they do expand to the North American market (which is something I hope happens), it will be interesting to see if they can gain significant market share (unlike the various past ventures we've seen from the likes of Alexander Dennis, Van Hool, BYD to name a few).