Answer: Retirees getting funded benefits would continue to do so. Active employees wouldn't lose vested benefits. Should Delta later terminate its pension plan as part of its restructuring, the plan still would be obligated to pay all vested and funded benefits. If the plan didn't have enough assets, the federal Pension Benefit Guaranty Corp. would guarantee up to $44,386.32 a year per employee. Experts say there is no advantage in rushing to file for retirement before a bankruptcy filing. Pilots have a separate pension plan that allows them to take half of their benefits in cash when they retire. The PBGC guarantee would cover only a fraction of most pilots' pension benefits, and pilots' option to take a lump sum also would likely end if Delta filed bankruptcy. Hundreds of senior Delta pilots have been retiring early over the past year.

Question: Would retiree benefits such as health care be affected?

Answer: Not immediately. But unlike a pension, those benefits aren't guaranteed and can be reduced or eliminated, with bankruptcy court permission. United Airlines, operating under Chapter 11 protection since 2002, recently won court approval to cut retiree benefits.

Question: What about health-care benefits for active employees?

Answer: Like other parts of the compensation package, they can be modified. But medical coverage isn't likely to be eliminated, since that would spark an exodus.

Question: How would shareholders be affected?

Answer: In many Chapter 11 cases, common stock in a company is wiped out as part of the reorganization plan. Creditors, new investors and other stakeholders usually end up owning new shares.