I wouldn't call it VA fear but have a look at the VAH half year report from last month and tell me why you shouldn't be concerned.
- Cash and cash equivalents dropped from $1.7b to $1.1b in 6 months to 31 December. What level do you reckon cash is at now? Maybe $1b at best? Maybe $900m?
- VAH operating expenditure is about on par with operating revenue for the 6 months to 31 December - both at around $3.1b for the period.(source: page 7 of half year report).
- If you assume a 30% reduction in revenue to about $2.1b for the next 6 months, which is by no means out of the questions with these travel restrictions, corporate travel bans and a reduction in discretionary leisure travel, then VAH essentially runs out of cash in 5-6 months.
Not saying I'm definitely right, but this doesn't seem far fetched in my opinion.