Dems Float New Bankruptcy Rule To Protect Workers

Law360, New York (July 13, 2012, 5:40 PM EDT) -- Two leading Democrats introduced legislation Friday in the U.S. House of Representatives and the Senate aimed at changing the Bankruptcy Code to protect employee and retiree earnings and retirement savings when companies file for bankruptcy protection.

Assistant Senate Majority Leader Dick Durbin, of Illinois, and House Judiciary Committee Chairman John Conyers, of Michigan, introduced the Protecting Employees and Retirees in Business Bankruptcies Act, which would make several changes to Chapter 11 of the code that would give workers' interests a higher priority in corporate bankruptcies....
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