A few stray thoughts:
Could it be the Top Brass is not being fired and the elephant in the room (fuel hedge) is being glossed over because the Board is in on it? The Board are not going to fire themselves.
CX's annual loss is well manageable for SWIRE and Sons who takes in Billions annually in profit . Not too unsettling either for China's govt owned Air China.
They will expect a further loss. The ship is basically sound. The important thing is not to "over-correct". Mis-handling of an inflight upset can result in a tail spin. CX has to tread carefully. Amputating a foot will not be the solution for a patient with a brain tumor. CX doesn't have bird flu, just a case of a bad cold . They need to be careful not to demoralize the whole company with a massive reduction of their workforce.