This sort of situation is where commercial lawyers earn their pay. If there is someone out there who can keep bond holders, creditors, staff, shareholders and customers happy, they deserve the big bucks. As for bond holders you would need to see the bond deed, same with other creditors. They will have clauses about default and things called negative pledges. same with aircraft leasing agreements, in fact all agreements will have to be looked at by savvy lawyers. They will be looking for a plan to modify those agreements that keeps all creditors and bond holders on side, that will play to the banks and new investors and that makes a restructured business viable and valuable enough to be worth the heartache of putting all that together. That is horribly difficult, as just one hold out can sink the deal.
I’ve watched it happen and dabbled on the edges of this, but it is way above my pay grade. Let’s hope that someone can put this together without Qantas, CASA, Creditors etc sticking a crowbar between the wheel spokes.