Beau Peep
Winger
Bankruptcy protection being the operative word. It ensures they can restructure their US operations in a way not needed in UK law. They'll be fine, they won't be allowed to go under, not just by the UK government but they're half owned by Delta. The worst that could happen in my view is that Delta take the slots and fleet they want, repaint them and you're left with Delta Skymiles.Virgin Atlantic who have filed for bankruptcy protection in America and are going to run out of cash next month.
No FF programme is screwing their members over at the moment, because they need the trade of their most loyal customers back as soon as people start flying. There's little chance that the miles will be completely worthless.