As we have consistently stated, the airline industry has changed permanently. Northwest must significantly lower its costs to compete with other carriers. By filing for Chapter 11 now, we ensure that we have the means to complete the transformation of Northwest quickly and effectively.

Northwest must significantly lower its costs to compete with other carriers. We had developed a plan ... outside of Chapter 11 and have been implementing that plan.

Our third-quarter results clearly demonstrate the need for Northwest to restructure expeditiously.

Realizing these goals will result in $2.5 billion in overall profit improvement.

The decision by President Bush assures our customers that for at least the next 90 days their travel plans will be unaffected while we continue our efforts to reach agreement on a new contract for our mechanics, cleaners and custodians and that no strike or other job action is imminent. We will be working diligently to achieve a new contract during this period.

We are in intensified negotiations with union leaders in order to reach consensual agreements that reduce labor costs by $1.4 billion annually.

When the strike began, the contract was terminated.

To operate at a profit, we must invest in these aircraft, and we must do so quickly.

We remain open to exploring various options to attain the needed labor costs savings but we need to resolve the issue quickly.