Aristotle once wrote that "the probable is what usually happens." If he had been referencing either Delphi or Delta Corporation before the fall season of 2005 he would have likely said that there was a very high degree of risk that either or both of the referenced companies was going to end up in bankruptcy court, and he would have been correct in both cases.
             Both Delta and Delphi Corporations did declare bankruptcy, Delta in September, 2005 and Delphi following shortly thereafter in October. There were a number of risks they took in taking this action. Delphi's risk was significantly greater than Delta's because Delphi wished to continue doing business with its suppliers, vendors and customers and could only accomplish this objective if the union would support them in their attempts to do so. The risk for Delphi was mitigated by the fact that the union knew that the action Delphi was about to take was one that was inevitable. Delphi was losing millions of dollars each month, was in arrears on it pension contributions and the wages being paid by Delphi were much too high by comparison with Delphi's foreign competitors. The risk was further mitigated by the fact that this option seemed to be the only reasonable choice for Delphi if it was to remain as a viable entity in the business world.
             Analyzing Delta's same course of action shows that there was a little more wiggle room for Delta than can be said of Delphi. The probability was that Delphi would follow the same course as six other major airline carriers and that the union would not have much to say on the matter, and that was exactly what took place.
             In both cases, the risk was hazardous to both companies because the union could have decided to be more 'hard core' and shut both business' down with employee strikes. That they did not do so is evidence to the fact that the union wished to remain in business...