Delta: We're 'Tapped Out'

Edward Bastian, the CFO at Delta Air Lines, warned yesterday that the airline is 'tapped out' financially, and that Delta can't get any more loans. "We are clearly in the worst shape and are the most fragile of anyone in the industry," the AP quoted him as saying. He went on to say that because of its precarious finances, Delta must extract huge pay and benefit cuts from its pilots if it wants to survive.

Delta's section of the ALPA (Air Line Pilots Association), of course, said that it would strike if that plan of action was carried out. And, to make matters worse for the Delta brass, the SkyTeam Pilots Association (SPA) said it would support pilots at Delta and partner Northwest, which is also in bankruptcy. The SPA is made up of pilots from Delta, Northwest, Continental Airlines, AeroMexico, Alitalia, CSA Czech Airlines, KLM, Air France, and Korean Air.

Hmm. How many times have we heard this talk from Delta management?