I have been trying to think what PS plans to do if granted the loan he is asking for. There's a few ways I am thinking he could be playing this.
1- The credit market isn't willing to lend him any money in the current environment. He plans to go and borrow the money over the next 3 years, once flying resumes and there is a steady stream of revenue coming in, from other sources to pay the government back in full.
2- He has no plan to pay it back. At current market value that would make VA 66% government owned and change the board influence from rivaling airlines.
3- A mix, he plans to pay back part of the loan and provide the government with either a majority 51% or a minority stake in the company.
The situation is allowing him to accelerate his right-sizing program. He has already made 1750 people redundant, most would agree there will be a lot more on the other side of this. He will be using the situation to lower costs everywhere possible, get out of every contract possible or renegotiate.