someone might take this out.., page-7

i cant see them having borrowed the cash. they have $200m tied up for guarantees with aircraft leases...?

Capital position – With a lack of covenants in aircraft financing, the true
test for an airline’s liquidity is when it runs out of cash. Virgin Blue has
A$600m of cash, of which we estimate A$200m is restricted for deposits
with credit merchants and aircraft lessors. Our earnings forecasts combined
with estimated loan amortisation and capex commitments shows that Virgin
will retain sufficient liquidity. Virgin’s unrestricted cash balance equates to
53 days of forecast FY09 cash expenses, and our forecasts see this cover rise
each year thereafter. Higher fuel prices offer a different picture, but Virgin’s
hedging gives it protection at least for the next 12 months.