I think that the only chance for something to come out of this is for an investor to make an acceptable offer for the AOC as a going concern with minimum aircraft( even 1) , infrastructure, technology and ground service but, only after securing deals for the State Government money , maybe some tax relief and airport access.
Ansett Mark 2/Tessna/ Non-Virgin.
Let's hope that these administrators have learned from the way Ansett was dragged out.
Unless this virus situation extends indefinitely, the conditions are right to start an operation.
The American investor would be the front runner with , perhaps with a local to come in ( like one or two of the major finance creditors, to get their agreement to the deal).
Needs major creditor approval but, it will probably be the only offer.
Just dependant on the creditors accepting their % of what $$ are left and, more $$ be left from an offer that comes now than one that comes later.
The Chinese airlines may try but, typical of their style, they will drag it out haggle to get the best price and they really couldn't run the operation as their airline system is still government controlled.
They don't come up with ideas, have few management skills and they basically do as they are told by the government.
The new entity will leave behind the debt, majority of aircraft and employees.
A restart of services will commence up and down the coast and maybe Perth with new deals for a number of same leased Virgin aircraft after new leases are negotiated with the owners, who would have repossessed the equipment..
It could come together but, it will basically start from day one again and don't expect low fares.
Good luck to all of those who have lost jobs and are left behind.