Virgin Aus had very minimal assets when it went to administration. Thus people had to point out on social media that 'Asset-Stripping' was already done by SQ, EY, HNA et al (e.g the sale/lease back of the Bowen Hills HQ, mortgaging the 737s and 777s, et al) before VAH was sold off to Private Equity.
I think the only unencumbered assets (other than VFF) is most of the Fokkers and the sole legacy Skywest A320), the sole legacy Airbus was already in the progress of being sold off during administration and the F100s are now in the progress of being phased out.
The decision by PS to buy back the 30% of VFF off the Australian Private Equity mob didn't help matters financially prior to administration.
