I think BA will survive for a number of reasons. One, it is the flag carrier and as such the population would not want to see it go under, there would be a massive media campain to prevent a collapse.
Two, assuming it can get all its costs down, staff, pensions, capital, marketing, then it is in no worse state then any other carrier.
Three. it does have a unique route structure where its Longhaul traffic is fed by its Shorthaul traffic & vice versa. However where I believe it is going wrong at present is its steady destruction of this vital two way feed.
I note that lots of early/late European/domestic flights are being withdrawn. Without these its impossible for pax to interconnect, forcing them to travel with a competitor. You will notice its revenue is well down at present, circa 12%, is not a lot of this caused by the effect I mentioned above? If they marketed this interconnectivity agressively, they would have a headstart within the UK. Even LGW could be drawn in here, why can't they run their own link between LHR-LGW, making life easier for interlining.
BA like most business's at present has a revenue problem, they will not solve it by cutbacks which reduce revenue.