Air China makes the most sense.
30% cross shareholding with CX Group.
Star Alliance.
Large operator of 738's
Offer Etihad, Branson, HNA and Nanshan 5-6 cents a share. SQ would probably stay. HNA & Nanshan may be part of a larger restructure of the airline industry in China.
Return all leased aircraft and replace as necessary with surplus a/c from own fleets.
Rebuild domestic services from a base fleet of 40-50X738's.
VARA to be sold to Alliance or J/V with Alliance.
Re-brand as Star Alliance Australia.
Maintain TransPac services -scrap Delta alliance for United.
Debt moved up the tree for renegotiation based on bigger asset pool and negotiating power.
Not sure about the 10% public float and Australian listing but sure something can be worked out to ensure maintenance of Australian traffic rights for any international services such as Transpac.
That may be overly simplistic but might well be the outcome if VAH goes into administration. The only difference with administration is that there would be a huge wastage of precious funds going to the administrator.