Protecting Employees and Retirees in Business Bankruptcies Act of 2007

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 September 2007

   Introduced

   Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S12063-12067)

   Source: IntroReferral

2. 25 September 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S12063)

   Source: IntroReferral

3. 25 September 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 September 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 September 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 September 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 25 September 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sen. Feingold, Russell D. [D-WI] · D · Sponsor
• Sen. Obama, Barack [D-IL] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Cosponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Cosponsor
• Sen. Boxer, Barbara [D-CA] · D · Cosponsor
• Sen. Harkin, Tom [D-IA] · D · Cosponsor
• Sen. Menendez, Robert [D-NJ] · D · Cosponsor
• Sen. Kerry, John F. [D-MA] · D · Cosponsor
• Sen. Biden, Joseph R., Jr. [D-DE] · D · Cosponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Cosponsor
• · ssju00 · Standing

Related records

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