VA 'owns' 4 of their 5 777-300ERs.
Saying that, it's highly possible VA may end up filing administration in a few months. As a "silver bullet" or "white knight" situation is extremely unlikely.
Which puts their assets (the owned 737s and the 777-300ERs) on the market for a liquidation sale should they file administration. Whilst the leased stuff (other 737s / Tigerair A320s / A330s) are returned to their lessors.
It's possible that new investors may purchase VA's owned 737s to set up a new bare-bones domestic operation to replace VA.
Source:
https://inqld.com.au/business/2020/0...scue-in-sight/