Private equity take-over for Virgin Australia?

[Icarus2001]

An apparently "leaked" flyer sent to interested parties yesterday as reported by the AFR.

Deloitte's seven point pitch included:

1. Attractive two player domestic market with proven profitability
2. Strong ongoing demand for domestic air travel (long distances between major cities, limited alternative transport options, tourism destination)
3. Strategically valuable access to routes and slots in the "Golden Triangle", historically one of the most profitable operating jurisdictions globally for air travel
4. Highly cash generative and distinguished Velocity Frequent Flyer loyalty model, in excess of 10 million members and 90 partners
5. Key strategic assets and infrastructure, including aircraft, route network, airport gates/slots, built over 20 years
6. Unique opportunity to 'relaunch' Virgin Australia with a sustainable capital structure post COVID-19
7. Strong support from government, regulators and unions - have all expressed a desire to keep Virgin flying following recapitalisation

How do they keep a straight face when they say "proven profitability"?
They were so profitable that they are in administration with $5 billion in debts.