That's a good report to cite Bluemoon. So basically, Delta can takeover those planes if it chooses. The big kicker there is it can already do so without cause. So basically, Delta is in control either way.

Now, what is going on, is Delta is saying they have cause to cancel the contract with Republic outright, since they can't fulfill their end of the contract. That allows Delta to get out of their obligations with payments owed on the leases per that agreement and would force Republic to negotiate on different terms.

Basically Republic is looking like Mesa of 2009, in 2015.