If we subtract $412 million from 1.52 billion, in theory there is a spread of AUD$1,108 billion between SIA's valuation of the airline and the actual losses the airline reported.
This could raise some questions about what was known about the financial affairs of Virgin Australia at the 31 December 2019 and what was actually reported.
Not only that. It raises the question why there are prices for VA considered to be in the range of 3 to 4 bn AUD, as discussed in the last posts in the April Australian Aviation Thread if one oe the major share holders de facto said that no substance is left.
Even if the 1.1 bn valuation is the sales price it can only be a mix of assuming (heavily) hair-cut liabilities and a thick layer of fresh working capital, leaving effectively zero to existng share holders and many creditors. You will need someone with deep pockets being willing to move into a high-risk and less-than-stellar-performing business with a more than dizzy [market] outlook, and the business still being fully loaded with debt.
One has to ask if it wouldn´t be more opportune for any investor - if there are really any - to start from scratch. Any business without such a debt load will be a far better performer that one highly-lverage. And in terms of brand acceptance: in this airline market price counts... There´s little to hinder an Indigo to move into the Australian market in say two years, setup an own airline and target QF and VA, still licking their [financial debt] wounds and undercut both on price. People won´t care about brand value if you´ve a lower priced competitor around.
In other words: I´m not sure if there´s really a way forward for VA except for bits and pieces (e.g. the FiFo market).
Flown: A319/320/321,A332/3,A343/346, A359, A380,AT4,AT7,B712, B732/3/4/5/7/8/9,B742/4,B752/3, B762/763,B772/77W,CR2/7/9/K,ER3/4,E70/75/90/95, F50/70/100,M11,L15,SF3,S20, AR8/1, 142/143,... 330.860 miles and counting.