I don't know if any airline can escape a trip through bankruptcy court after shrinking 30%. A lot of your fixed costs are still there, and you can't get out of them without the help of a judge. That is why any Delta Bravo management puke spewing "shrink to profitability is a complete idiot.

Unless air travel returns quickly, any airline trying to go it without "safe harbor" is just kicking the can down the road, and will end up so indebted they will never make money, or pay their obligations.

The only hope is further bailouts. I don't think the country has any more stomach for that.