The other alternative is that EAG (Etihad Aviation Group) or the "so-called" saviour SIA got their hands on VAH, despite the well documented failures of Etihad and Singapore Airlines overseas investments.
The former presided over a number of bankruptcies including Jet Airways, Air Berlin, VAH, etc and the later lost money on their VS investment when they sold out to DL, plus SIA also presided over the Tiger Airways Australia failure and the NokScoot, Ansett/Air New Zealand group and VAH bankruptcies.