I'll add this piece of background reading:
BA
Interesting comment here:
Rafael Sánchez-Lozano, the Spanish carrier’s chief executive, said: “Iberia is in a fight for survival. It is unprofitable in all its markets.”
He added: “We have to take tough decisions now to save the company and return it to profitability. Unless we take radical action to introduce permanent structural change, the future for the airline is bleak.”
Sánchez-Lozano said the company was burning €1.7m every day and had to modernise because its cost base is “significantly higher” than its main competitors in Spain and Latin America.
...
but hey, sure, it's all BA's fault
Edit to add for the pension fraud theorists:
One read of this:
,
http://media.corporate-ir.net/media_...mergerplan.pdf,
Will reveal, amongst other things, this:
(viii) IAG and Iberia Operadora will not provide any guarantee to any pension
scheme operated by British Airways or use any cash or credit facilities
belonging or available to them to fund any such scheme.
No doubt there's lots more there of interest, like the ring fencing of Iberia's money.........