Once they went into Voluntary Administration there is no more interest paid on the debt as far as I know.

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@eol-products wrote:

Once they went into Voluntary Administration there is no more interest paid on the debt as far as I know.

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So approx 12,000 creditors are suffering loss - yet the call for Govt assistance was to " survive the pandemic" , interesting . 

9000 are staff so will be OK. Its the local investors with unsecured bonds that will lose the most. But even those with secured debt will have to do something as selling used aircraft for some time will be hard.

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@eol-products wrote:

9000 are staff so will be OK. Its the local investors with unsecured bonds that will lose the most. But even those with secured debt will have to do something as selling used aircraft for some time will be hard.

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I suspect many assets are leased from US companies and under contract 

https://www2.deloitte.com/au/en/pages/finance/articles/virgin-australia-holdings-limited-subsidiarie...

https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-15-bankruptcy-basics

General Motors survived bankruptcy so there is hope of a full recovery and resumption of viable service 

https://en.wikipedia.org/wiki/General_Motors_Chapter_11_reorganization

Different legal systems.

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@davewil1964 wrote:

Different legal systems.

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US companies involved and possibly US creditors - as implied by lodging Article 15 of the US legal system as this enables foreign based companies  protections and smoother legal negotiations within the US legal environment