Taking a cold hard look from a distance at VA as a business it seems to me that the 20 potential buyers eagerly circling this sought after prize asset are largely little more than administrators hype unless of course the creditors are prepared to largely write off the A$7 billion of debt.
Otherwise why would anyone believe that this is anything other than a dead dog of a business that has lost huge amounts of shareholders cash.
What is actually worth investing in ?
Some aircraft – no shortage of those at knock down prices.
Experienced management – plenty of those about who are almost certainly going to be better trained and more productive than the present mob.
Infrastructure - nothing there that is not easily replaceable and in the right location.
Customer base -fickle at best.
Brand – tarnished
Pilots – unfortunately no shortage of available experienced crew
The real value is perhaps only the possibility of profit to be made and value to be built at some time in the fairly distant future.
Any interested investor is almost certainly going to be a cashed up existing large operator with deep pockets and a strong supportive shareholder base looking for a long term strategic investment.
Are there any of those about at the moment ?
If not I rather suspect that Virgin Australia is in all likelihood unfortuantly another failed dead airline.