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For the courts that have followed Ionosphere, a failure to pay is not the same as a unilateral change in the agreement because the obligation simply becomes a claim in the bankruptcy and does not disappear altogether.
However, the facts in the Ionosphere-type cases generally are different from the scenario described in the companion article, where a debtor at the beginning of a bankruptcy case tries to maintain a semblance of "business as usual" through "first day" requests to make various payments that might be considered pre-petition claims.
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What kind of replacement plan will fairly compensate workers for a terminated plan and attract new employees to a competitive business?
Carol Connor Flowe's companion article reviews single employer pension-plan funding as well as termination considerations from the employer's perspective.
Can the debtor afford to reorganize and maintain costly plans?
Will the union face the prospect of having to choose between wage or other benefit cuts and keeping the defined benefit plan?
For instance, rules generally prohibiting preferential payment of pre-bankruptcy debts and establishing the basis for paying expenses of administering the debtor's business can be applied to many payment obligations, including pension contributions.
Even though employees continue to be employed and provide services to the debtor, bankruptcy rules treat pension contributions based on their pre-bankruptcy service as pre-petition debts.
(PBGC) and perhaps other stakeholders into a protracted dispute can undermine the debtor's efforts to stabilize the bankruptcy case.
In reviewing its options, a debtor may decide that avoiding an early battle that can seriously undermine workforce morale makes sense as a means of establishing confidence in the reorganization effort. As described in the companion article, the plan administrator of a single employer defined benefit plan (including a debtor in Chapter 11) can terminate the plan only as permitted under ERISA.
1988), the Sixth Circuit ruled that, by failing to pay retiree health benefits owed under a labor agreement, the debtor had unilaterally modified the agreement in violation of Section 1113.Tags: Adult Dating, affair dating, sex dating