Atlanta-based Delta Air Lines announced plans to cut 7,000 to 9,000 jobs by the end of 2007, approximately 17% of its employees. 
CEO Gerald Grinstein will take a 25% pay cut. Executives have their pay cut by 15%. Other employees will have their pay reduced by 7 to 10%. Employees that make less than $25,000 a year will not be affected by these pay cuts.
Delta has already cancelled leases on 40 aircraft and they plan to reduce its fleet by at least 80 more. They plan to reduce domestic capacity by 15 to 20 percent and increase international capacity by 25 percent.
Delta is the third-largest airline in the US. They have lost 10 billion dollars since 2001 and are 14 billion dollars in debt.  Delta Air Lines and Northwest Airlines filed for Chapter 11 bankruptcy protection last Wednesday, joining United Airlines and US Airways. Four of the seven largest US carriers are operating under bankruptcy protection. Chapter 11 protection gives companies time to rearrange its finances while continuing to operate.
Delta CEO Gerald Grinstein said they intended "to move from being an unprofitable airline today to a profitable airline in just over two years". "This means we will become a smaller, more cost-efficient airline, with a strengthened network and a stronger balance sheet." These cuts should help save Delta up to $3 billion dollars.
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Delta Air Lines to cut up to 9,000 jobs