The bondholders will be very keen to do a deal. Maybe a debt repayment : equity swap. There are plenty of options. I don’t mean to give false hope rather highlight a government (AUS or SIN) loan is not the only option.
Wealthy individuals want VAH to survive. White knights do exist. This trading halt brings to a head these considerations. You don’t buy a house at auction when you know there will be a mortgagee sale for the same house in a few weeks.
Administration is not a death spiral, especially if some of the debt can be restructured, which is exactly what is being negotiated/proposed.