Don't get me wrong, I'm sure BA are struggling as are most carriers just now but Willie's not stupid.
I can't help thinking that he's painting a crappier picture so as to get concessions from staff on terms and conditions? In his position it's a sensible move that will make the company stronger in the future and in a better position to deal with the likes of an enlarged LH and AF/KLM however his staff will again suffer.
It's a delicate line to tread but I don't see BA going anywhere soon. There are other airlines out there that will suffer long before BA ever does and with each of their demise (should that happen) it will make BA stronger in the long run. However, I entirely agree that it needs to sort out it's pension situation which is only getting worse with every day.