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DELTA PILOTS ACCEPT PAY CUT

Delta Air Lines Chief Executive Gerald Grinstein said Thursday that even if the carrier's pilots approve a $1 billion cost-cutting agreement, the airline may still have to seek Chapter 11 bankruptcy protection.

Negotiators for Delta's pilots union tentatively agreed to a five-year contract that cuts pilots' pay by 32.5 percent starting Dec. 1 and allows for no raises. Pilots also get options to purchase 30 million shares, or 15 percent of the company.

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