VA basically just told their shareholders, you can either cough up or we'll either take the debt restructure option and/or send the joint into "voluntary administration".
Either way, whatever the path VA takes, the shareholders will have the stakes diluted either way. SQ, EY, HNA et al will get "sacked" from their roles as shareholders if VA files voluntary administration.
https://www.news.com.au/travel/trave...adf77c1a5f7d92