A capital raising would decimate the VBA share price, that is the last thing any public company would do in this current economic environment. They will instead burn their cash reserves in the hope a turnaround is on the horizon. They can't afford to back down now as it will detrimentally impact their domestic operations image from a public relations view.
They will run it a while and try to lure a buyer, typical Branson style. This operation is a very visible billboard for the Virgin Group, especially in the USA.