It doesn't look good for BA:
- Extremely high salaries
- High costs across the board
- Losing their core business travellors
- LHR is no longer a competition 'haven'
- New stories don't exactly help!
But as we have seen in the past, what will come out, in the unthinkable case of BA going under, would be a new airline, very similar, called British Airlines or something along those lines.
But I would guess a consortium would come along and scoop the airline up before it got even close to that. Alitalia didn't have LHR - BA does.