Twiglet. I've been in that position. And the effect of threats from management that the airline will close and therefore need to hammer pay and conditions to surivive rarely fail to work on the workforce.
A fair amount of companies that end up staying in business have according to them scraped through using this tactic and dodged the bullet. Of course, nothing to do with overall business wastage, poor price point, lease deals, hedging errors etc etc. And funny that the next round of senior managers aren't exactly on 60k a year "all found". The companies that do go out of business tend to go quick without bullying the staff to believe its their fault that their perceived high pay and days off are jeopardising the company. It's the same old story. Badly managed, don't say anything for years. The accountants pick up the phone just giving the bottom line. As a manager you crap yourself, realise to fix the years of mis management/bad descisions takes too long. So then pick on the lowest common denominator to pick up your bill, then take the quick way. Blame it on them, the workers, they'll buy it. They're stupid.
Not saying there's a lot to do be done in this situation, as calling bluff when a company is threatening to shut its doors takes a brave man, but the airline world has recently seen more than its fair share of this trick.