A very plausible scenario is that Branson will lose all his airlines.
The Government is on the record today that there will be no bailout. They are suggesting in the AFR, that Ryanair of all people is keen to pick the carcass of VA if it were to fail. I think they might want to be careful what they wish for. Michael O'Leary will be a thorn in their side if he gets a foothold in Australia.