I'll add my 2c worth(less).
Does the gov bail out VA? Yes, but only if it takes an equity share based on the present share price. If the overseas shareholders don't like that then they should stump up the cash. If the gov provides a loan where will it sit in relation to other creditors like the banks. If they're not the ahead of every other creditor then the simple answer is NO. It's likely that VA will fail or if not will require further cash injection, if the bailout is in the form of a loan that will be likely lost money.
Do what the NZ gov did and take an equity share in the company and if VA comes good, then recoup your money by off loading it. Why should the taxpayer take the risk and the shareholders get the benefit at little cost if it works out?
Some of GT's comments (some!!) are seriously pressed to hold any water, same with a lot of other msm comment, mostly emotive argument to gain public support. I watched one ABC (who I like) ******'s take how it wasn't appropriate for the gov to an equity stake as it may not be able to sell it, but should provide it with a loan. Well, if you couldn't sell it, it means it's a dog, why would you back it with taxpayers money? Same can be said with the anti VA take, like "there will be plenty of airlines interested in coming in". Bull****. No one commentating on this in the media seems to be interested in any factual discussion on what may be the best path, just in getting across their vested interest argument.