https://www.telegraph.co.uk/business/20 ... -collapse/
That's an interesting article which basically states what happened.
"Nevertheless, discussions on the £100m bailout were stalling. The Government hired restructuring specialists from Alvarez & Marsal to consider whether it was prudent to hand the carrier a loan.The consultants’ report was damning. The airline was bleeding millions in cash and there was little or no security to fall back on, sources say. The reticence of Virgin to put its branding on the airline – the ‘Virgin Connect’ rollout had been postponed – was telling, Alvarez & Marsal concluded."