Just to round out 'Count's' own link:
From Robert Pestons blog:
What is clear is that the quantum of BA's debt and the value of its net assets are moving in opposite directions at a worryingly fast rate.
Net borrowings rose by more than £1bn last year, to £2.4bn, dwarfing shareholders' equity of £1.6bn (which fell by an alarming 46%).
and:
engineering and "other" aircraft costs increased by £59m or 13.1%; landing fees were 14.2% or £75m higher. Even staff costs rose a bit.
and:
Also it's cutting costs: staff are being offered the option of temporary or permanent part-time working and unpaid leave; the company is negotiating "productivity changes" with trade unions
We all know where the CC 'productivity changes' came from don't we?
So, can we leave that version of the past in the past and continue discussing the thread now?