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Yes it didn't make money in good times, but your premise that it will be the same VAH going forward and still won't make money is wrong.

VAH is running what they can now with the cash they still have on hand now. It's probably around $500 million left. The Federal Government is underwriting their current skeleton network so they won't be losing money on it. And with operating, comes cashflow.

A buyer probably won't settle till August / September. By then it's going to be a lot clearer what the post COVID-19 travel environment will look like. Not to mention that VAH will shrink to profitability.

Who ever takes over will own a airline that historically lost making, but with now with it's debt wiped and it's loss making divisions closed, will go forward making money, not losing it.