VA Annual revenue of $5.8bn with debt of $5bn.
QF annual revenue of $18bn. QF debt is similar at $5bn.
VA debt is going to be restructured during Administration, some will take a big haircut. While lessors hate to re negotiate rates, the Millionaire Factory Macquarie will be working some revised lease rates for their portion of the VA fleet.
With AA retiring the equivalent of the VA 737NG fleet (76 aircraft) NG values are heading south, there is bound to be even more spare NG and 320 capacity as some airlines fail. Macquarie won't want to be stuck with them without a customer, even though NG and 320 are the easiest to place.
Hypothetically and without wishing to make asinine assumptions, if VA can reduce debt to $2bn, it may have a good chance of survival. Its fare base (revenue base) is similar to QF, its costs must be similar, same aircraft, same fuel, same rent, same landing fees etc.
I flew with VA today, very good it was too. I really hope they come out of this well.