Having begun life as a crop-dusting company in the 1920s, Delta’s story was one of seemingly endless growth – until the post-9/11 slowdown for the aviation industry suddenly left it struggling to balance the books.
Big job cuts were necessary, and Delta ran into real problems when it started negotiations with its pilots. The process took years and saw the business file for bankruptcy in 2005 after posting losses of $2.2 billion. The company used the bankruptcy to re-invent itself by cutting labor costs, improving customer service, boosting its presence in New York and expanding its network to include more international destinations and secure revenue premiums. In 2015, Delta closed the year with a $5.9 billion income. In 2017, they overtook Alaska Airlines as the number one carrier in the US for performance.
Source: https://www.headwaycapital.com/blog/how-8-companies-came-back-from-the-brink/