Slice -
The cash assets from the published reports FY 2007 was indeed 772 m.
The latest published cash position in the 6 months to 06/2008 was $ 603 m and the next 6 months to 12/2008 was $ 526 m. This is a decrease of $ 246 m over 78 weeks or approx. $ 3.5 m per week. Some of this is attributable to the 777 start up costs.
Cash security deposits for fleet financing are technically "untouchable" and effectively do have to come off the company's "spare" cash available. Any move to use these funds would be a breach of the leasing contracts. Would the lessor act ? - who knows.
IF the $ 45000 per day for 773 dry lease is correct, this amounts to $ 1.35 m per 30 day month. 3 aircraft is $ 4.05 m per 30 day month or approx $ 1.0 m per week
Anyway you look at it, Virgin Blue Holdings with 3 x 773 aircraft in it's fleet will suffer considerable losses that will have to be met using cash. It's debt position after 12 months will be significantly worse.
That is just not a position that lends itself to VBA surviving in its' current form. There will have to be some sort of cash injection.