British Airways flight declares emergency over Ireland after steep 28,000-ft descent: What happened? Insider details

A British Airways flight travelling from London to Chicago suddenly declared an emergency over Ireland on Monday after making a sudden and steep descent, with flight-tracking data showing the aircraft dropping by around 28,000 ft.
What happened to British Airways Flight BA295?
British Airways Flight BA295 was operating from London Heathrow to Chicago O'Hare when then incident occurred. The Boeing 777-200ER, registered as G-VIIA, had departed Heathrow Terminal 5 at around 11.50 AM local time and was scheduled to operate an approximately eight-hour-40-minute transatlantic journey.
Flight-tracking data showed the aircraft dropping to approximately 9,000 feet while flying over Ireland. Shortly after the descent began, the crew reportedly transmitted 7700, the internationally recognised transponder code used to indicate a general emergency.
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