Apologies if this is not strictly on-topic, but this might explain a bit about how pension scheme obligations are reflected in an airline's market capitalisation.
You poor buggers in the UK can thank Gordon Brown for that, and for thereby destroying the DBS pension system. A lot of people spent their whole lives contributing to such schemes, and at the stroke of a pen Brown destroyed their retirement funds. I know some of the victims.
But it wasn't all bad news - the fat cat bosses and shareholders got even bigger bonuses and dividends.
This is the greed that destroyed Capitalism.
Good Riddance to it - and Mr.Brown too.