Delta Air Lines' reconstruc-tion will leave deep scars—the loss of nearly 7,000 jobs, pay and benefits cuts, and network restructur-ing—but will be bearable if the extreme makeover means long-term survival. CEO Gerald Grinstein last week outlined key initiatives of the carrier's Transformation Plan, which hinges on Delta's attaining a staggering $5 billion in annual cost-savings by 2006. And he issued a somber reminder: Chapter 11 filing looms larger. "If pilots' early retirement issue is not resolved before the end of this month, or if the pieces don't come together near term, we will be required to restructure through the courts."
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