It's a disgrace what has happened at VA over the last decade. So much self indulgence on schemes that that only ever took cash out of the company. I don't understand how the board turned a blind eye to this waste.
Very unlikely that this company will survive in its present form in a COVID environment unless there was a significant cash injection to cover the period where there will be very little domestic flying (Bearing in mind that the most recent ASX update has already been overtaken by more COVID restrictions).
Every airline needs to survive or fall on its own merits. But if the government elects to provides assistance, it has to be on an industry wide basis and I so don't believe the government should go anywhere near nationalising (re-capitalising) Virgin, so if it has to fold, then it has to fold.
If it does fold, no doubt there will rise from the ashes a much leaner version that is run on a much more professional basis with people who actually know what they are doing.