For an IPO to work the company will have to prove performance, otherwise the sale will go straight to where VA shares were pre-administration. Without solid buyers the cost of going to the market will just add to the costs of winding it up. We have no data on how VA is trading right now, other than having solid loads, but we all know loads mean nothing if yield is flat lining.
Hopefully it is just middle managers threatening staff, which in itself is a terrible motivator, more are likely to leave than work harder.