3.0.0 2092 2023-01-11T20:27:40Z 2023-01-11T20:27:40Z Senate S S 2007-09-25 110 ssju00 Judiciary Committee Senate Standing Referred to 2007-09-25T22:27:41Z Protecting Employees and Retirees in Business Bankruptcies Act of 2007 110 3652 HR 2007-10-12 Referred to the Subcommittee on Commercial and Administrative Law. Identical bill CRS 2007-09-25 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S12063-12067) IntroReferral 2007-09-25 Sponsor introductory remarks on measure. (CR S12063) IntroReferral B00100 9 Library of Congress 2007-09-25 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2007-09-25 True F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. 2007-09-25 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2007-09-25 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2007-09-26 False C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2007-11-13 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2008-01-22 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2008-07-17 False M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2008-07-28 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2008-07-31 False B000444 Sen. Biden, Joseph R., Jr. [D-DE] JOSEPH BIDEN D DE ROBINETTE 2008-09-15 False D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN 2008-11-17 False Finance and Financial Sector Bankruptcy Collective bargaining Commerce Corporate reorganizations Defined benefit pension plans Defined contribution plans Employee benefit plans Executive compensation Fraud Health Labor and Employment Law Layoffs Pension funds Retiree health benefits Securities Severance pay Trusts and trustees Finance and Financial Sector 00 2007-09-25 Introduced in Senate 2007-12-18T22:36:39Z Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporation of unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority.

Includes within the scope of a claim in bankruptcy certain equity securities held in a defined contribution plan for the benefit of certain individuals.

Ranks in sixth order of priority the diminished value of debtor's equity securities held in a defined contribution plan if the employer or plan sponsor committed fraud regarding the plan.

Permits within administrative expenses certain severance pay for termination or layoffs.

Prohibits certain senior executive compensation from being disproportionate in light of economic concessions by debtor's nonmanagement workforce.

Disallows as an administrative expense specified executive compensation enhancements.

Revises requirements governing: (1) rejection of collective bargaining agreements; (2) insurance benefits for retired employees; and (3) the status of certain employee benefits in a sale of business assets.

Allows defined benefit plan participants to file claims for certain shortfalls in pension benefits.

Permits inclusion within the necessary costs and expenses of preserving property the mandatory recovery of unpaid obligations owed to employees.

Directs the court to consider the extent to which alternative reorganization plans maintain: (1) jobs; (2) defined benefit plans; and (3) retiree health benefits.

Prohibits assumption of deferred compensation for the benefit of insiders or senior management if an employee defined benefit plan has been terminated.

Limits the recovery of executive compensation if the debtor has reduced its contractual obligations under either a collective bargaining agreement or retiree benefits plan.

Excepts from an automatic stay: (1) a dispute resolution proceeding established by a collective bargaining agreement prior to commencement of bankruptcy; or (2) an award or settlement under such proceeding.

Authorizes the bankruptcy trustee to avoid transfers made for the benefit of an insider or certain consultants in anticipation of bankruptcy.

Revises prerequisites to court confirmation of a business reorganization plan which continues retiree benefits.

]]> Protecting Employees and Retirees in Business Bankruptcies Act of 2007 Official Title as Introduced A bill to amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies. Introduced in Senate IS Display Title Protecting Employees and Retirees in Business Bankruptcies Act of 2007 Short Titles as Introduced Protecting Employees and Retirees in Business Bankruptcies Act of 2007 Introduced in Senate 2007-09-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2092is/xml/BILLS-110s2092is.xml 2007-09-25 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S12063-12067) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.