You can't have costs ahead of your unit revenues. What I wake up at night worrying about is that our proposals are not aggressive enough.

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While we are encouraged by the progress we are making, we are still in the early stages of our turnaround efforts. We need to remain focused to ensure flawless execution of all elements of our business plan.

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We are very pleased to have entered into this arrangement with Merrill Lynch. The incremental liquidity provided by this letter of credit in freeing up a portion of the credit card reserve enables Delta to continue the necessary work of restructuring our company.

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The arbitrators have until April 15 to rule, so to us March 1 is a date that signals the start of the next step of the process, but it's not a deadline per se. We're committed to making progress.

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While Delta continued to post significant losses in January, the company is making progress in stabilizing our liquidity and implementing our business plan.

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We have worked hard together as a team to forge an agreement that is good for Delta and all of its constituents.

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