Delta Air Lines Inc. chief executive Gerald Grinstein told pilots Friday the survival of the company depends on a minimum of $1 billion in concessions from them, insisting their proposal for up to $705 million in cuts is inadequate."
"Delta's management has said in the past that without deep wage concessions it would need to file for bankruptcy court protection. Analysts say the airline, which had $2 billion in unrestricted cash at the end of the second quarter, has until the fall to get the cuts it needs, or enter Chapter 11."
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