According to an article in the Daily telegraph, from next year BA will have to carry their £1.4Billion pension deficit on their balance sheet, wiping out any reserves. This has been mandated by the latest Pensions Act and the Pension Protection Fund.
Article says with a market cap of £2.8Billion, if BA were threatened with collapse as a result of said deficit, the PPF can take over the liability in exchange for an equity stake in the newly "liberated" company.
Nationalisation by the backdoor?