Read that article the other day, I thought it was a pretty good breakdown.

I found a few things interesting, such as this:
"Having aircraft that are paid for and depreciated provides flexibility, if demand lessens, to park capacity at no cost. And Delta has used methods such as debt repurchases, debt restructuring and vendor contract renegotiations to reduce net debt to $15.2 billion, down from $17 billion in early 2010, with a target of $10 billion or less by the end of 2012."

Personally, I tend to like the direction the company is being led in and I think the guys & gals on the fourth floor are doing a good job. That being said, contract negotiations will be interesting to say the least. Management will with out a doubt come back to the pilot's with a reason for not having enough capital to fulfill our contract desires.
I think this will be the above reason/selling point.
The next year will be a bumpy one to say the least.
Curious to see what the ALPA negotiators come back to the pilot group with, I think in many ways this may be their last crack at proving themselves as a worthy national organization.