The SIA fundraising is being underwritten by the airline’s biggest investor, state-owned Temasek Holdings, which owns about 55% of the group. If their biggest investor wants to buy VA, then they will.
We've heard the "SQ to take over VA"!!!!!!111!!!! fake news articles 2737458227 times before in the past 5 years.
The fundraising by their state owned parent is for SQ and SQ alone.
If any higher ups in SQ are still interested in the Australian market in general, there's a better chance of them waiting for VA to file administration and then pick up VA's assets (737s) at a liquidation fire sale to start a new company without the $5B debt VA has.