Like most on here, I am no financial expert - or even soothsayer. I can look at things in the round though. Virgin is no loco model and can call on vast reserves to stay afloat then adapt and survive. It is less vulnerable to sudden financial volability as it services a different market, leisure is usually the first to go down in an ailing economy. I don't think XL had business class, do you?
Those of us who have lived through turbulent times, in my case several of them, could see this coming. Even though it has not been introduced in this thread, this has nothing to do with government(s), apart from maybe the American, it is cyclical, as can be seen from a post on another thread, indeed I am surprised it has taken so long. The time between failures was approx 9 years before, this time lots longer. It is always the small guys who go down. Virgin aint small.