Pilots at Delta Airlines have approved a new deal that cuts pay by 32.5 percent. Delta will also freeze its traditional pension plan for pilots and require them to pay more for health care. Delta had threatened to file for bankruptcy if the pilots did not agree to the concessions. Union leaders saw the agreement as choosing the lesser of two evils.
See "Delta Pilots Vote to Accept 32.5% Pay Cut", Micheline Maynard, The New York Times, November 11, 2004