mind you this is the same press that quoted a "source" as saying that bmi cabin crew would need to take a $30,000 pay cut if they refused to fly to Riyadh.
That said, there's no smoke...
Bmi have lost a huge amount of high yield traffic with the nbm, and bearing in mind that short haul out of LHR has never really been that profitable, the cost savings will have to be pretty substantial. It's difficult to see a return to profit without major investment in long haul but i am not sure the resources are there