Don't know why this isn't more widely reported...
The big losses that AN is experiencing at the moment come from pre Sep 11 leases on terminals such as OOL, CNS and DRW that aren't being flown too, grossly overpriced IT licences, maybe the odd aircraft that isn't being flown, etc, etc. Bit like when Air NZ was running it - a little airline meeting the costs of a big one.
After FLEW take over the prices on some leases will fall between 40% to 75% (the ones that are negotiated, that is!), others will disappear. Probably not instant profitability, but should help them a lot.
This is what people probably mean when they say that on real costs (14 aircraft) the airline is break even at the moment, but the administrators are still losing the $6m/week.
It's going to be very, very tough out there for them in the market. That's cool. Either they will fall, or it will strengthen their mettle. All of you who've made something out of aviation, stop and take a look back at your own life.... Nothing big that's worthwhile is ever achieved without struggle, without setback.
That is, unless you have a vial of fairy dust in your back pocket, like so many expect management and the unions to have....
Cheers.