The smart money is that Tiger will close, and be absorbed into Virgin, which at last glance, was north of $1.6B loss over the last 6 years.
Won't happen. Firstly - don't look at statutory loss. It is irrelevant. Care about cash. Is it generating free cash. That's what matters. Whilst we wait for the full-year results, which, we can all expect will be poor thanks to FX and fuel impacts (all airlines), we need to look closely at operating margin to see how dire the business really is. And that is the same for VA. And of course leverage and interest cover, and what direction they are headed.
If TT can maintain a positive EBITDA - then it isn't a burden on VA's balance sheet, and provides the competitive protection from another start-up coming in and having a go aka Lion Air, Air Asia etc.