There is no painless way out of this,

If it needed emphasis, underline and exclamation point, Katrina did that,

Delta's financial problems are severe, but not insurmountable,

The action we have taken is a necessary and responsible step to preserve Delta's value.

The action we have taken is a necessary and responsible step to preserve Delta's value for our creditors, customers, employees, business partners and other stakeholders as we address our financial challenges and work to secure our future.

Delta's financial problems are severe, but by no means insurmountable.