"This is part of the dance. You do not go to unions, debtor committees, and employees, hat in hand without having the bankruptcy paperwork in your back pocket."
Yes indeed, arranging DIP lending might well be "part of the dance" . . . but with oil at $67/bbl and the potential for rapid Congressional action on the pension front fading, its uncertain what Delta's dance partners could offer. At least inside bankruptcy, the fleet, its financing and the rest of the capital structure could be subjected to a quick restructure -- no dancing necessary -- and the DALPA contract (including those devilish scope provisions that impede productivity) could be modified almost by fiat. Of course, word leaked out strategically that the airline was canvassing the Street for DIP lending might well drive some of the players to concession bargaining, but will that really be enough and can the threat of a filing alone get all of these things done quickly?
