Delta “cannot survive” in its current state
The chief executive of Delta Air Lines has reportedly warned that the carrier “cannot survive” in its current state, and that severe cost cutting will be necessary to preserve the company.
According to The Times newspaper, Gerald Grinstein told US investors and analysts: “The situation is extremely serious and I cannot minimise that – the marketplace has simply undergone a fundamental, structural and permanent change.”
The newspaper reports that the carrier is trying to persuade its pilots’ union that wages will have to be cut by a third in order to rectify the situation; other carriers have previously agreed lesser cuts with their staff, only to find out that the cost reductions were not enough to save them.
The Times states that Delta is looking to cut its overall costs by some $850 million, as it tries to cope with fuel bills that are set to rise by $650 million this year, and ongoing fears over terrorism.
Grinstein reportedly said: “What we cannot and what we will not accept is an agreement that provides only a partial solution.”
Report by Tim Gillett, News From Abroad
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