I believe the real crunch will come when the pension acturies release their scheme shortfall numbers. Yes all the potential savings which BA is hoping to achieve from salary sacrifice and changed working conditions will help, but they pale into insignificance when pension liabilities of circa 3 billion are published. The sums which BA paid into the schemes last year easily accounted for the 400 million posted loss.
What I believe we are seeing here is a fundimentially sound company IF it could just divest itself of these huge pension liabilities.
I just do not think the UK wants BA, the national carrier, to fail so maybe the government should take these liabilities onto its books? The sum involved is tiny compared to the Billions that have been spent on supporting the UK banks. In exchange BA could give the government shares as collateral.