As the chances of a Delta Air Lines bankruptcy increase, the Air Line Pilot?s Association is offering a 23 percent wage cut for its members in addition to changes in work rules and other measures to increase productivity and cost savings for the company. Delta posted a $1.96 billion loss this week, the largest loss for any quarter since 1978, and is in the process of developing a restructuring plan.
See "Delta Pilots Offer 23% Cut in Their Wages", Micheline Maynard, The New York Times, July 20, 2004