Of course. So long as DAL continued funding, it doesn't matter how underfunded it is, or how bad the market returns are. DAL would just have to pump more money in. But, had it not been so underfunded as a result of the other things I listed, it could have been saved in spite of DAL going through BK, just as NWA's plan was saved.

And just to set the record straight, DAL ALPA didn't negotiate away their pension anymore than NWA ALPA negotiated to save theirs. Pensions fail (or not) based on the pension funding and the company's ability/willingness to make required contributions. DAL's CEO Grinstein said if UAL dumped their pension in BK, we would too, and that was twelve months before we even went into BK.