Here's some history too. Anyone not running to get a job at these companies?
USAIR
In early 2003, US Airways management liquidated the pensions of its 6,000 pilots by releasing their pensions into the federal pension program Pension Benefit Guaranty Corporation. The company was one of the first major airlines to eliminate pilots' pensions in order to cut costs.[citation needed]
In 2003 US Airways began exploring the availability of financing and merger partners, and after no financing was available, US Airways filed for Chapter 11 bankruptcy again in 2004 for the second time in two years
DELTA
In December 2005, the Delta pilots agreed to an additional temporary 14% cut in pay, piggybacking onto the 32.5% taken at the beginning of 2005. This cut was made permanent with the ratification of an agreement in June 2006. Additionally, the company planned to lay off between 7,000 and 9,000 of its 52,000 employees.[24]
UNITED
This increase was only temporary and when the bubble finally burst, United was in a worse position than before because it had failed to keep costs under control, possibly due to giving its pilots pay raises of up to 28% in the summer of 2000.[30] Coupled with a battered network, the September 11 attacks and skyrocketing oil prices, the company lost $2.14 billion in 2001 on revenues of $16.14 billion. In the same year United applied for a $1.5 billion loan guarantee from the federal Air Transportation Stabilization Board established in the wake of the September 11 attacks.[31] When the IAM union failed to approve the loan guarantee—while all other unions approved it—the application was rejected in late 2002 and the company was forced to seek debtor-in-possession financing from commercial sources to cover the expected future losses.
United took advantage of its Chapter 11 status to negotiate hard-to-cut costs with employees
On December 3, 1990, Continental filed for its second bankruptcy
AMERICAN
In November 2011, AMR Corporation filed for Chapter 11 bankruptcy protection.