It would depend on how that was structured—perhaps no one.
The closest analogy I can bring up to address your question is that sometimes in lieu of surety bonds we see owners call for bank letters of credit as security. In those instances, we find that the owners—in the case of the Strandherd-Armstrong bridge, the City of Ottawa—would have been protected by the letter of credit, but there would have been nothing available to pay the subtrades and suppliers. That's how that would generally go down, because the letter of credit runs in favour of the project owner.
Depending on how it is structured, I think that is likely how it would go down.