A sad day for all involved.
The only positive for crews that remain is at last someone is taking the bull by the horns and doing something, everyone knew it could not go on and had action been taken earlier then perhaps it wouldn't have been so painful now?
This is a business that is burning through £3m a week, LH have pledged £95m in support, i have no doubt that slot swap with other LH companies will be part of this Swiss/SN GVA/BRU and others will follow.
The whole management team will be under review and many will go in the coming months as and when back office functions move/merge. The total job losses across the group (inc baby) will be North of a 1000 before this over.
Reading the various posts it seems that the (high) cost of some aircraft/engine leases are a factor in many of the cuts at both mainline and baby, whether this is because they have had to do back to back deals because of poor credit risk or some other reason i don't know, but unless your paying no more than the going rate you have no chance of making money, i would guess that deals from here on will be more favourable.
Good luck to all