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Delta pilots accept 15 percent pay cut
YOUR E-MAIL ALERTSATLANTA, Georgia (CNN) -- Leaders of the pilots union for Delta Air Lines have agreed to a 15 percent pay cut, the company announced Sunday, temporarily averting a threatened strike that analysts warned might kill the bankrupt carrier. Sunday's interim deal calls for a 14 percent cut in hourly pay and another 1 percent in other pay and cost items, according to a statement issued by the airline. The concessions would become effective Thursday and remain in place while both sides work toward a comprehensive agreement by March, Delta said. "This agreement reflects the resolve of Delta people to work together to help save the company. We recognize and appreciate the additional sacrifice this will represent," said Ed Bastian, Delta's chief financial officer. The union's 6,500 members must approve the tentative agreement by December 28. On Thursday members of the Air Line Pilots Association authorized leaders to call a strike vote if no deal was reached by December 16. (Full story) Delta had earlier asked a bankruptcy court in New York to suspend the company's contract with the pilots. Its restructuring plan calls for an additional $3 billion in annual cost reductions and revenue improvements within two years. When Delta filed for bankruptcy in September, company officials told the court that the airline was losing $5 million a day -- mostly because of high jet fuel prices. 
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