Should Virgin Australia take flight under new owners, the airline will almost certainly look very different to what it does today.
Addressing speculation that Virgin Mk II could have a vastly reduced fleet and headcount, fly to fewer destinations, or axe international routes to become an entirely domestic airline, appointed administrator Vaughan Strawbridge of Deloitte said "all of those things will be put on the table."
"What we are focussing on during this process is to create as much optionality as possible," Strawbridge said during a press conference following this morning's confirmation that the airline had moved into voluntary administration.
"Obviously we will look through the operating structure of the business, the asset structure, the lease structure and see what we can do to help position the business to be more profitable going forward. That's what we will do, but we want to create as much optionality for interested parties as possible."
"Everyone has got the ability to look at what the remodelled look of Virgin would be going forward, so it's around creating and maintaining optionality for everyone."
And there's no shortage of 'interested parties', Strawbridge confirmed.
"I would say there's been an extraordinary amount of interest in the business, an extraordinary number of parties are very keen to be involved both in the process and the restructuring to see if they can play a part in the relaunch of the business. I can't give you an exact number, I can say it is more than 10 and we'll just leave it there."
Virgin Australia CEO Paul Scurrah, who will remain at the helm during the administration period, still sees "a role for some international flying."
"One of the things that we did learn through the process of talking to our existing shareholders, through them doing the assessment on us and potential new shareholders, is that the plan we had going into COVID-19 was the right plan. We didn't trade our way into this problem, we had our oxygen supply completely cut off."
"So that is the plan that I've put to Vaughan, but ultimately what we do in the future will be a decision for those who buy us."
Scurrah also flagged a rethink on Virgin's already-deferred deliveries of the troubled Boeing 737 MAX, which he pushed back from November 2020 to July 2021 as one of his first moves since taking over from John Borghetti on March 25, 2019.
"This is not a crisis that's limited to just Australia. My view is that you're going to see a fair lull in the world for the demand for narrow-body aircraft for some period of time, so we are watching that closely."
"We have indicated to Boeing that we want to talk to them about that. They've got a lot on their plate at the moment as you can imagine, but our future fleet considerations going forward will be something that's hotly discussed through the administration process."
Virgin's standing order for the Boeing 737 MAX, which has been grounded for over a year following two deadly crashes, comprises 25 of the top-end 737 MAX 10 and 23 of the smaller 737 MAX 8.
The 737 MAX 10 was most recently seen as launchpad for Virgin's next-generation business class, reportedly a fully-flat bed which Borghetti promised would deliver a "quantum leap in domestic business class", replacing Virgin's fleet of Airbus A330s when those jets spearheaded an expansion into Asia.
However, the A330s – all of which are leased at what's said to be overly-expensive rates – could face the administrator's axe, leaving Virgin at a competitive disadvantage to Qantas' own A330s when chasing corporate travel on Australia's east-west routes.