Here is what I see as VA's biggest dilemma.
Redundancies.
Employees are first tier creditors, so any employee made redundant will need to be paid out before any other creditor.
The "Leaner, meaner" idea is certainly the only way forward from administration, but every redundant employee sacrificed to the "leaner" mantra is one more short-term liability.
I can't help but think a more likely route is to start with a fresh-or close to fresh- sheet, call quits on VA and liquidate.
It's why I made the comment that I think the Tiger AOC is a valuable asset- a turn-key airline with 8 737s, while 100 or so VA 737s sit idle, available as needed at what would be terrific terms.
Meanwhile Qantas is going to have scores of idle aircraft and stood-down employees for months/years, all negative on the balance sheets.
Virgin Blue had a similar opportunity and did a great job of capitalizing on it, someone getting hold of Tiger might have a similar window.