BA777FO wrote:tonystan wrote:BA777FO wrote:
As for thinking the company was close to going bust in 2009, wow! Even history has proved this was far from the truth! Move on!
Okay, apologies this off topic but this needs to be addressed.
As for 2009 - the airline was close to going below £1bn cash - below which credit card companies would have withheld payments and suppliers would have demanded payment upfront rather than a month in arrears. That would have technically made the company insolvent.
I'm done with this here though, happy to continue it via PM.
In early 2009, IIRC February / March, revenue had all but dried up, BA was down to around six weeks of cash and was at very serious risk of going down the same path as Swissair and Sabena.
A huge amount of work was done to save the company. In particular, the Procurement team worked day and night to renegotiate contracts with suppliers to slow and delay the rate at which cash was flowing out of the company. History shows that this worked.