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Bucksnet
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Says Willie Walsh during AGM speech: –

“Iberia is facing huge challenges and must restructure if it is to survive. It reported operating losses of €351 million in 2012 – almost €1 million losses per day. The airline has become unprofitable in all its markets – including longhaul – and its high cost base means it is unable to compete effectively with other airlines, both European and Latin American.”

He goes on to say “the situation is critical”.

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTkwNTE3fENoaWxkSUQ9LTF8VHlwZT0z&t=1

So it’s true then, BA has been shackled to a corpse.