I don’t know much about how administration typically works out so this is just a question for others.
Would having considerable interest in buying VAH (20+ parties) actually work against the company that emerges for a couple of reasons?
1) Presumably the successful candidate is the one that pays the most. So if all the interest bids the price up then the new owner will be holding more debt themselves once they restart the company.
2) When you demonstrate there are numerous interested parties, some with very deep pockets, doesn’t it become clear that the government has no need to provide any support. Obviously all parties will put their hand out but it’s hard to see how Temasek, etc. could actually NEED the support, it would just lower their risk and increase their return.