knowitall has it the nail on the head....
They will let it go down and re-surface under a new name and offer new contracts to ALL employees sadly we saw this happen in Belgium and Switzerland, even Italy and Greece recently, the problem is that whoever gets re-employed will be given new T&Cs, these will be far worse than the current ones and indeed the ones that all this debacle is creating...
Think long and hard at what you are doing guys because what your dear Union man has not pointed out to you are the above consequences and it will happen.
There will be plenty of people more than happy to join the "new" BA even with the new T&Cs especially in this recession when lots of folks are jobless...
Good Luck to you all fellow colleagues.