It is hard to see how Deloitte will be able to put together a Deed of Company Arrangement that has a Sales and Purchasing Agreement that emboldens the "White Knights" and creditors to allow the Deed Administrators to do anything necessary or convenient to sort this out. It is a tall order to expect the white knights to settle the $5B to the major foreign shareholders then also fund the OPEX side of the new operation as it rebuilds. Then there is the matter of all the other creditors such as VAH staff and the extended supply chain also being in agreement. To fund VAH as going concern in some form will require circa $7B which is hard to see it happening among any of the 10 white knights when they see the books in some details. Give the skinny margins in the airline game of 5% return pa if you have a good year its going to take a very long time to pay back $7B out of the profits and then move forward. Its a big call to see it pulled off, but hopefully, some how it needs to happen.