Unless Perth and Adelaide can be persuaded to back off by tonight (Sunday) then Virgin is finished in my opinion. This is because you need to convince ALL creditors that their interests are better served by company reconstruction than bankruptcy. The two airports have broken ranks in the belief perhaps that they can blackmail Virgin by depriving them of the use of their aircraft - which I think may be illegal anyway.
This has to be reversed or the rest of the creditors will try and get in for preferential treatment. Once that happens they all attack and the only solution then is bankruptcy.
Its a bit like a wounded elephant with a tree full of vultures watching. Once one or two vultures successfully have a go, the rest of the flock will descend.
P.S. I heard rumors of piracy in the Ansett debacle. Stories of pallets full of rotables going missing as clueless accountants stood by, not knowing the value of these parts. I don’t know if it was ever proven.