BA will not go under - and if you think that then we will have to agree to differ.
I tend to agree that BA will not go under as the market brand and global placing is too big.
What I am trying to put across is that the company can stop trading for a week. Cancel its AOC and then re-emerge as a 'new' BA. Have a look at what Iberia is doing with its short haul fleet to get an idea.
If that is the case then any contract won't be worth anything. The company will pick and choose from those employees it wishes to re-employ and then it will move on. Without the millstone of BASSA hanging on its every decision.
Worst case scenario it may be but I think the current environment is playing directly to Willie Walsh's tune and the above 'doomsday' scenario won't ever come to pass.