Guys, it's all our fault. We get paid too much. Higher than industry average, apparently.

From the BK filing itself:

20. In February 2011, the Debtors signed a collective bargaining agreement with the Air Line Pilots Association, International (“ALPA”), the joint representative of the Debtors’ pilots across all three of its subsidiaries. This new agreement (the “ALPA JCBA”) was championed by ALPA as “historic,” uniting approximately 3,000 pilots under a single agreement and providing significantly enhanced pay, benefits and work rules. Based on recent analysis of these terms by the Debtors’ management and advisers, compensation of the Debtors’ pilots is above market average with respect to wages, benefits, and work rules.