Mike, All airlines are struggling with the oil price, it's no secret that BA are better hedged and have less debt / more cash than most, and as a PLC can always raise cash from shareholders. A friend of my wife works for Virgin; (purser).. no doubt we are all aware of how much Virgin has cut back in recent years in service / catering / drinks (look at airline quality.com)
If oil prices remain high, continued airline failures are inevitable....tho IMHO we will see a big US carrier fall over next...