Jet II
Your argument is predicated on the EZY false news item. The statement "hanging by a thread" was clearly an off the cuff comment made to try to get BALPA members to accept the pay cut deal. And they are not talking about this year......they may be in trouble at the end of next year if 2021 summer is poor.
The market maybe 25% today........but it won't be in a few short months. Staff are not the main cost to an airline as you well know so to cut your business by 75% would mean a reduction of 75% in the number of hulls. No way back then, so you may as well chuck the towel in now.