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The whole company has to ditch its past baggage, mostly its pension liabilities, and then move on.
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The only way that BA can do that is to go into Administration. Would the CAA have the balls to then withdraw the airlines Operating Licence if that happened?
If that happened BA would lose their rights to landing slots at Heathrow and Gatwick (and any other UK airport that have slot limitations). When you consider that slots at LHR are valued at up to 30 million apiece, and BA include these slot values in their company valuation, the company becomes worth an awful lot less than the current value of about 1.6 billion.
Rumours kicking around the financial markets are that the pensions black hole is around 2.9 billion, can anyone confirm that?