I am actually genuinely worried that BA will be allowed to go bankrupt.

Of course a very similar airline, with the same planes and product will then still fly... but the new crew will be on MUCH worse contracts... the BA Miles of old will be worthless and some of the most prestigious routes will be farmed out to who ever can pay... but there will no longer be a strong union presence and so perhaps the new Brit Air (just to please the american posters!) will be leaner, meaner and more able to compete.

We've seen it all before with Swissair.