One thing executives hate about chapter 11 is that they have lost the ability to effectively "run" the company. All decisions are made by the creditor committee and the judge. The question isn't if Delta can stop this, it's can the DAL creditor committee stop this - and would they want to?

From the initial presentation, it looks like a good deal for the DAL creditors. That said, what's good for the creditors isn't necessarily good for labor (how's that for an understatement).

EDIT: Just saw swaayze's post..... please read my reply as: "what swaayze said"