Delta Air Lines is in deep financial trouble, everyone agrees – the company has already lost over $2.6 billion this year -- but whether that trouble is due to market forces beyond the airline's control or bad decisions by management is now being worked out in federal bankruptcy court in New York. Delta is trying to convince the court that it needs to cut labor costs in order to survive – a position opposed by its pilots, who say that if the court lets Delta void their contract, they'll strike. The pilots have offered $90.7 million in concessions, but the airline wants to impose $325 million in wage cuts. This week, Judge Prudence Carter Beatty asked Delta to defend its decision to spend $2.4 billion to buy back its own shares before it filed for bankruptcy in September, The Associated Press reported.
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