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Last week, Delta emerged from bankruptcy to much fanfare, including a new paint job for its planes and yet another iteration of its corporate logo. Many in the media are reporting this as wonderful news, and describing the celebrations of hopeful employees with words like “jubilee.”

Northwest will also soon emerge from chapter 11 protection, having obtained approval for their post-bankruptcy plan from 97% of their creditors.

But should passengers be celebrating?

On the one hand, yes. If you’re a longtime frequent flyer on one of these airlines, your miles aren’t being zeroed out in a corporate liquidation. If either of these airlines have been providing you with good connections to where you want to go, you can be happy, too, since these services are likely to continue.

But don’t pig out at those celebration jubilees and coming-out parties for the newly reborn corporations. Leave some room for some good old fashioned skepticism.

Why? Look at the history of how other airlines, perhaps ironically, have emerged from bankruptcy, only to cut their customer service.

This is probably because chapter 11 creditors somewhat perversely gives airlines more leeway than the stock market does.

The most recent example, of course, is United. During their seemingly interminable bankruptcy, they maintained “perks” like pillows and blankets. They actually introduced new premium service on transcontinental flights, with hot meals and Economy Plus legroom at every seat in coach. And while management dumbed down their fleet with the introduction of “Ted,” the majority of employees maintained a sense of optimism and hope during that time. There were several times that I flew United and got the impression that front-line workers seemed genuinely grateful for passengers’ business.

Not any more. After emerging from bankruptcy, United “reformed” its frequent flyer program, Mileage Plus, twice. The first change jacked up the number of miles required for tickets, and the second change retroactively added expiration dates to stagnant accounts. That “premium” service between the coasts? It got a whole lot less premium post-chapter 11, when the airline’s last domestic coach meals were cut.

Most importantly, the employees became disillusioned, and often downright surly. It became a crapshoot: Would you be flying happy United or surly United today? The optimism and hope that existed during bankruptcy were gone.

Can you blame them? Workers gave up pay, benefits, and their stock in what had been a largely employee-owned company. And they saw the management taking big bonuses and large equity stakes in the airline after bankruptcy. Pilots and flight attendants were even protesting and picketing this week.

As a customer, I liked bankrupt United better.

So when I see Delta and Northwest celebrating their coming emergence from bankruptcy, I hope for the best, but expect the worst. Competition from lower cost competitors is relentless. Employees who gave up pay and benefits to keep the company afloat are looking for payback. The dark clouds are already on the horizon, especially at Northwest, whose unions are already up in arms at the big payouts the executives are scheduled to get.

So congratulations on exiting bankruptcy, Delta and Northwest. Please prove me wrong.

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