As others have said, I doubt QF is anywhere near VA. All those buybacks mean a capital raising would be a reasonable outcome if debt repayment issues arose.
However, the delayed 3rd quarter update may have a few surprises. It is after all a report on JAN-MAR but all eyes and ears will be on QF’s strategic response. One can speculate that the reason for the delay is restructure planning. After the tremendous expense the isolation measures have caused, the Australian government is not going to open the border to countries with widespread cases. Obviously, that rules out USA, Asia and Europe for quite a while. With Jobkeeper ending in September and more businesses open again in Australia it is an ideal time to reduce headcount in the Death Star. Likewise, the requirement for operational staff is reduced for the next 12 months at least. Fortunately, the stood down provisions and flexibility in the new EA’s should allow the pain to be shared. I hope so.