Let Qantas get the $4billion+ bailout... It's still a loan. That'll bring Qantas's debt to over 10billion. More of a publicity stunt, particularly as they don't need it as they have the ability to reach another $4billion in loans without government assistance.
Virgin will likely be nationalised as they cannot service this loan. Qantas will be able to service theirs. Either way, I see VA will come out more favoured.
That depends if the Government is interested in owning an airline.