,,ii #aaf? ,,congress #b;d ,session ,s4 #djhi ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #be1 #bjbj,mr4 ,durb9 7= himself1 ,mr4 ,:iteh\se1 ,ms4 ,klobu*>1 ,ms4 ,h>ris1 ,mr4 ,br[n1 ,mr4 ,s*atz1 & ,mr4 ,m]kley7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ! ,judici>y ,a ,,bill ,to am5d title #aa1 ,unit$ ,/ates ,code1 to improve protections = employees & retirees 9 bus9ess bankruptcies4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,employees & ,retirees 9 ,bus9ess ,bankruptcies ,act ( #bjbj4 7b7 ,table ( cont5ts ,! table ( cont5ts ( ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,f9d+s4,title ,i--,improv+ ,recov]ies = ,employees & ,retirees ,sec4 #aja4 ,increas$ wage priority4,sec4 #ajb4 ,claim = /ock value losses 9 def9$ contribution plans4,sec4 #ajc4 ,priority = sev]ance pay & contributions to employee b5efit plans4,sec4 #ajd4 ,f9ancial returns = employees & retirees4,sec4 #aje4 ,priority = ,,w>n ,act damages4,title ,,ii--,r$uc+ ,employees' & ,retirees' ,losses,sec4 #bja4 ,rejection ( collective b>ga9+ agreem5ts4,sec4 #bjb4 ,paym5t ( insurance b5efits to retir$ employees4,sec4 #bjc4 ,protection ( employee b5efits 9 a sale ( assets4,sec4 #bjd4 ,claim = p5sion losses4,sec4 #bje4 ,paym5ts by secur$ l5d]4,sec4 #bjf4 ,pres]vation ( jobs & b5efits4,sec4 #bjg4 ,t]m9ation ( exclusivity4,sec4 #bjh4 ,claim = )drawal liability4,title ,,iii--,re/rict+ ,executive ,comp5sation ,programs,sec4 #cja4 ,executive comp5sation ^u exit f bankruptcy4,sec4 #cjb4 ,limitations on executive comp5sation enhancem5ts4,sec4 #cjc ,prohibition aga9/ special comp5sation paym5ts4,sec4 #cjd4 ,assumption ( executive b5efit plans4,sec4 #cje4 ,recov]y ( executive comp5sation4,sec4 #cjf4 ,pref]5tial comp5sation transf]4,title ,,iv--,o!r ,provisions,sec4 #dja4 ,union pro( ( claim4,sec4 #djb4 ,exception f automatic /ay4,sec4 #djc4 ,effect on collective b>ga9+ agreem5ts "u ! ,railway ,labor ,act4 #b4 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,bus9ess bankruptcies h increas$ %>ply 9 rec5t ye>s & rema9 at high levels due to ! impact ( ! ,,covid-#ai p&emic4 ,z ! use ( bankruptcy has exp&$1 job pres]vation & retirem5t security are plac$ at great] risk4 7#b7 ,laws enact$ to improve recov]ies = employees & retirees & limit _! losses 9 bankruptcy cases h n kept pace ) ! increas+ & broad] use ( bankruptcy by bus9esses 9 all sectors ( ! economy4 ,h[ev]1 :ile protections = employees & retirees 9 bankruptcy cases h erod$1 managem5t comp5sation plans devis$ = ^? 9 *>ge ( tr\bl$ bus9esses h become m preval5t & are escap+ adequate scrut9y4 7#c7 ,*anges 9 ! law reg>d+ ^! matt]s are urg5tly ne$$ z bankruptcy is us$ to address increas+ly m complex & div]se conditions affect+ tr\bl$ bus9esses & indu/ries4 ,i ,improv+ ,recov]ies = ,employees & ,retirees #aja4 ,increas$ wage priority ,section #ejg7;a7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#d7-- 7,a7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively2 7,b7 9 ! matt] prec$+ clause 7i71 z s r$esignat$1 by ins]t+ 7,a7 be=e ,f\r?2 7,c7 9 subp>agraph 7,a71 z s designat$1 9 ! matt] prec$+ clause 7i71 z s r$esignat$-- 7i7 by /rik+ #aj1jjj & ins]t+ #bj1jjj2 7ii7 by /rik+ )9 #ahj days2 & 7iii7 by /rik+ or ! date ( ! cessation ( ! debtor's bus9ess1 :i*ev] occurs fir/12 & 7,d7 by add+ at ! end ! foll[+3 7,b7 ,sev]ance pay describ$ 9 subp>agraph 7,a77i7 %all be deem$ e>n$ 9 full ^u ! lay(f or t]m9ation ( employm5t ( ! individual to :om ! sev]ance is ow$4 2 7#b7 9 p>agraph 7#e7-- 7,a7 9 subp>agraph 7,a7-- 7i7 by /rik+ )9 #ahj days2 & 7ii7 by /rik+ or ! date ( ! cessation ( ! debtor's bus9ess1 :i*ev] occurs fir/2 & 7,b7 by /rik+ subp>agraph 7,b7 & ins]t+ ! foll[+3 7,b7 = ea* su* plan1 to ! ext5t ( ! numb] ( employees cov]$ by ea* su* plan1 multipli$ by #bj1jjj4 4 #ajb4 ,claim = /ock value losses 9 def9$ contribution plans ,section #aja7e7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ or at ! end2 7#b7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7#c7 by add+ at ! end ! foll[+3 7,c7 "r or int]e/ 9 equity securities ( ! debtor1 or an affiliate ( ! debtor1 if-- 7i7 ! equity securities are held 9 a def9$ contribution plan 7)9 ! mean+ ( section #c7cd7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7cd777 = ! b5efit ( an individual :o is n an insid]1 a s5ior executive (fic]1 or any ( ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s2 7ii7 ! equity securities 7 attributable to ei!r employ] contributions by ! debtor or an affiliate ( ! debtor1 or elective def]rals 7)9 ! mean+ ( section #djb7;g7 ( ! ,int]nal ,rev5ue ,code ( #aihf71 & any e>n+s !reon2 & 7iii7 an employ] or plan sponsor :o has comm5c$ a case "u ?is title has committ$ fraud ) respect to su* plan or has o!rwise brea*$ a duty to ! p>ticipant t has proximately caus$ ! loss ( value4 4 #ajc4 ,priority = sev]ance pay & contributions to employee b5efit plans ,section #ejc7;b7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#h77;,b71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#i71 by /rik+ ! p]iod & ins]t+ a semicolon2 & 7#c7 by add+ at ! end ! foll[+3 7#aj7 sev]ance pay ow$ to employees ( ! debtor 7o!r ?an to an insid] ( ! debtor1 a s5ior executive (fic] ( ! debtor1 ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor71 "u a plan1 program1 or policy g5]ally applicable to employees ( ! debtor 7b n "u an individual contract ( employm5t71 or ow$ pursuant to a collective b>ga9+ agreem5t1 = lay(f or t]m9ation on or aft] ! date ( ! fil+ ( ! petition1 :i* pay %all be deem$ e>n$ 9 full ^u su* lay(f or t]m9ation ( employm5t2 & 7#aa7 any contribution to an employee b5efit plan t is due on or aft] ! date ( ! fil+ ( ! petition2 & 4 #ajd4 ,f9ancial returns = employees & retirees ,section #aabi7;a7 ( title #aa1 ,unit$ ,/ates ,code is am5d$-- 7#a7 by /rik+ p>agraph 7#ac7 & ins]t+ ! foll[+3 7#ac7 ,) respect to retiree b5efits1 z t t]m is def9$ 9 section #aaad7;a71 ! plan-- 7,a7 provides = ! cont9uation aft] ! effective date ( ! plan ( paym5t ( all retiree b5efits at ! level e/abli%$ pursuant to subsection 7e77#a77;,b7 or 7g7 ( section #aaad at any "t be=e ! date ( confirmation ( ! plan1 = ! duration ( ! p]iod = :i* ! debtor has obligat$ itself to provide su* b5efits1 or if no modifications are made be=e confirmation ( ! plan1 ! cont9uation ( all su* retiree b5efits ma9ta9$ or e/abli%$ 9 :ole or 9 "p by ! debtor be=e ! date ( ! fil+ ( ! petition2 & 7,b7 provides = recov]y ( claims aris+ f ! modification ( retiree b5efits or = o!r f9ancial returns1 z negotiat$ by ! debtor & ! au?oriz$ repres5tative 7to ! ext5t t su* returns are paid "u1 r ?an outside (1 a plan74 2 & 7#b7 by add+ at ! end ! foll[+3 7#ag7 ,! plan provides = recov]y ( damages payable = ! rejection ( a collective b>ga9+ agreem5t1 or = o!r f9ancial returns z negotiat$ by ! debtor & ! au?oriz$ repres5tative "u section #aaac 7to ! ext5t t su* returns are paid "u1 r ?an outside (1 a plan74 4 #aje4 ,priority = ,,w>n ,act damages ,section #ejc7;b77#a77;,a77ii7 ( title #aa1 ,unit$ ,/ates ,code is am5d$ by ins]t+ any back pay1 civil p5alty1 or damages = a violation ( any ,f$]al or ,/ate labor & employm5t law1 includ+ ! ,work] ,adju/m5t & ,retra9+ ,notification ,act 7#bi ,u4,s4,c4 #baja et seq47 & any comp>able ,/ate law1 be=e wages & b5efits4 ,,ii ,r$uc+ ,employees' & ,retirees' ,losses #bja4 ,rejection ( collective b>ga9+ agreem5ts ,section #aaac ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subsections 7a7 ?r\gh 7f7 & ins]t+ ! foll[+3 7a7 ,! debtor 9 possession1 or ! tru/ee if "o has be5 appo9t$ "u ?is *apt]1 o!r ?an z provid$ 9 section #ajc7m7 = collective b>ga9+ agreem5ts cov]$ by ! ,railway ,labor ,act 7#de ,u4,s4,c4 #aea et seq471 may reject a collective b>ga9+ agreem5t only 9 accordance ) ?is section4 ,9 ?is section1 a ref]5ce to ! tru/ee includes ! debtor 9 possession4 7b7 ,no provision ( ?is title %all be con/ru$ to p]mit ! tru/ee to unilat]ally t]m9ate or alt] any provision ( a collective b>ga9+ agreem5t be=e comply+ ) ?is section4 ,! tru/ee %all timely pay all monet>y obligations aris+ "u ! t]ms ( ! collective b>ga9+ agreem5t4 ,any su* paym5t requir$ to be made be=e a plan confirm$ "u section #aabi is effective has ! /atus ( an all[$ adm9i/rative exp5se "u section #ejc4 7c7 7#a7 ,if ! tru/ee seeks modification ( a collective b>ga9+ agreem5t1 ! tru/ee %all provide notice to ! labor organization repres5t+ ! employees cov]$ by ! collective b>ga9+ agreem5t t modifications are be+ propos$ "u ?is section1 & %all promptly provide an initial proposal = modifications to ! collective b>ga9+ agreem5t4 ,!reaft]1 ! tru/ee %all conf] 9 good fai? ) ! labor organization1 at reasonable times & = a reasonable p]iod 9 light ( ! complexity ( ! case1 9 attempt+ to rea* mutually acceptable modifications ( ! collective b>ga9+ agreem5t4 7#b7 ,! initial proposal & subsequ5t proposals by ! tru/ee = modification ( a collective b>ga9+ agreem5t %all be bas$ ^u a bus9ess plan = ! reorganization ( ! debtor1 & %all reflect ! mo/ complete & reliable in=mation available4 ,! tru/ee %all provide to ! labor organization all in=mation t is relevant = negotiations4 ,! c\rt may ent] a protective ord] to prev5t ! disclosure ( in=mation if disclosure c\ld compromise ! position ( ! debtor ) respect to ! competitors 9 ! indu/ry ( ! debtor1 subject to ! ne$s ( ! labor organization to evaluate ! proposals ( ! tru/ee & any application = rejection ( ! collective b>ga9+ agreem5t or = int]im relief pursuant to ?is section4 7#c7 ,9 consid]ation ( ,f$]al policy enc\rag+ ! practice & process ( collective b>ga9+ & 9 recognition ( ! b>ga9$-= expectations ( ! employees cov]$ by ! collective b>ga9+ agreem5t1 modifications propos$ by ! tru/ee-- 7,a7 %all be propos$ only z "p ( a program ( work=ce & nonwork=ce co/ sav+s devis$ = ! reorganization ( ! debtor1 includ+ sav+s 9 managem5t p]sonnel co/s2 7,b7 %all be limit$ to modifications design$ to a*ieve a specifi$ aggregate f9ancial contribution = ! employees cov]$ by ! collective b>ga9+ agreem5t 7tak+ into consid]ation any labor co/ sav+s negotiat$ )9 ! #ab-mon? p]iod be=e ! fil+ ( ! petition71 & %all be n m ?an ! m9imum sav+s ess5tial to p]mit ! debtor to exit bankruptcy1 su* t confirmation ( a plan ( reorganization is n likely to be foll[$ by ! liquidation1 or ! ne$ = fur!r f9ancial reorganization1 ( ! debtor 7or any successor to ! debtor7 9 ! %ort t]m2 & 7,c7 %all n be disproportionate or ov]ly burd5 ! employees cov]$ by ! collective b>ga9+ agreem5t1 ei!r 9 ! am\nt ( ! co/ sav+s s\ght f su* employees or ! nature ( ! modifications4 7d7 7#a7 ,if1 aft] a p]iod ( negotiations1 ! tru/ee & ! labor organization h n rea*$ an agreem5t ov] mutually satisfactory modifications1 & fur!r negotiations are n likely to produce mutually satisfactory modifications1 ! tru/ee may file a motion seek+ rejection ( ! collective b>ga9+ agreem5t aft] notice & a he>+4 ,abs5t agreem5t ( ! p>ties1 no su* he>+ %all be held be=e ! expiration ( ! #ba-;day p]iod beg9n+ on ! date on :i* notice ( ! he>+ is provid$ to ! labor organization repres5t+ ! employees cov]$ by ! collective b>ga9+ agreem5t4 ,only ! debtor & ! labor organization may appe> & be he>d at su* he>+4 ,an application = rejection %all seek rejection effective ^u ! entry ( an ord] grant+ ! relief4 7#b7 ,9 consid]ation ( ,f$]al policy enc\rag+ ! practice & process ( collective b>ga9+ & 9 recognition ( ! b>ga9$-= expectations ( ! employees cov]$ by ! collective b>ga9+ agreem5t1 ! c\rt may grant a motion seek+ rejection ( a collective b>ga9+ agreem5t only if1 bas$ on cle> & conv9c+ evid5ce-- 7,a7 ! c\rt f9ds t ! tru/ee has compli$ ) ! requirem5ts ( subsection 7c72 7,b7 ! c\rt has consid]$ alt]native proposals by ! labor organization & has conclud$ t su* proposals d n meet ! requirem5ts ( subsection 7c77#c77;,b72 7,c7 ! c\rt f9ds t fur!r negotiations reg>d+ ! proposal ( ! tru/ee or an alt]native proposal by ! labor organization are n likely to produce an agreem5t2 7,d7 ! c\rt f9ds t implem5tation ( ! proposal ( ! tru/ee %all n-- 7i7 cause a mat]ial dim9ution 9 ! pur*as+ p[] ( ! employees cov]$ by ! collective b>ga9+ agreem5t2 7ii7 adv]sely affect ! ability ( ! debtor to reta9 an exp]i5c$ & qualifi$ work=ce2 or 7iii7 impair ! labor relations ( ! debtor su* t ! ability to a*ieve a feasible reorganization w\ld be compromis$2 & 7,e7 ! c\rt concludes t rejection ( ! collective b>ga9+ agreem5t & imm$iate implem5tation ( ! proposal ( ! tru/ee is ess5tial to p]mit ! debtor to exit bankruptcy1 su* t confirmation ( a plan ( reorganization is n likely to be foll[$ by liquidation1 or ! ne$ = fur!r f9ancial reorganization1 ( ! debtor 7or any successor to ! debtor7 9 ! %ort t]m4 7#c7 ,if1 dur+ ! bankruptcy1 ! tru/ee has implem5t$ a program ( inc5tive pay1 bonuses1 or o!r f9ancial returns = an insid] ( ! debtor1 a s5ior executive (fic] ( ! debtor1 any ( ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor1 or su* a program 0 implem5t$ )9 #ahj days be=e ! date ( ! fil+ ( ! petition1 ! c\rt %all presume t ! tru/ee has fail$ to satisfy ! requirem5ts ( subsection 7c77#c77;,c74 7#d7 ,9 no case %all ! c\rt ent] an ord] reject+ a collective b>ga9+ agreem5t t w\ld result 9 modifications to a level l[] ?an ! level propos$ by ! tru/ee 9 ! proposal f\nd by ! c\rt to h compli$ ) ! requirem5ts ( ?is section4 7#e7 ,at any "t aft] ! date on :i* an ord] reject+ a collective b>ga9+ agreem5t is ent]$1 or 9 ! case ( a collective b>ga9+ agreem5t ent]$ into betwe5 ! tru/ee & ! labor organization provid+ mutually satisfactory modifications1 at any "t aft] t collective b>ga9+ agreem5t has be5 ent]$ into1 ! labor organization may apply to ! c\rt = an ord] seek+ an increase 9 ! level ( wages or b5efits1 or relief f work+ conditions1 bas$ ^u *ang$ circum/ances4 ,! c\rt %all grant ! reque/ only if ! increase or o!r relief is n inconsi/5t ) ! /&>d set =? 9 p>agraph 7#b77;,e74 7e7 ,dur+ a p]iod dur+ :i* a collective b>ga9+ agreem5t at issue "u ?is section cont9ues 9 effect & a motion = rejection ( ! collective b>ga9+ agreem5t has be5 fil$1 if ess5tial to ! cont9uation ( ! bus9ess ( ! debtor or 9 ord] to avoid irrep>able damage to ! e/ate1 ! c\rt1 aft] notice & a he>+1 may au?orize ! tru/ee to implem5t int]im *anges 9 ! t]ms1 conditions1 wages1 b5efits1 or "w rules provid$ by ! collective b>ga9+ agreem5t4 ,any he>+ "u ?is subsection %all be s*$ul$ 9 accordance ) ! ne$s ( ! tru/ee4 ,! implem5tation ( su* int]im *anges %all n r5d] ! application = rejection moot & may be au?oriz$ = n m ?an #ad days 9 total4 7f7 7#a7 ,rejection ( a collective b>ga9+ agreem5t con/itutes a brea* ( ! collective b>ga9+ agreem5t1 & %all be effective no e>li] ?an ! entry ( an ord] grant+ su* relief4 7#b7 ,not)/&+ p>agraph 7#a71 solely = purposes ( det]m9+ & all[+ a claim aris+ f ! rejection ( a collective b>ga9+ agreem5t1 rejection %all be treat$ z rejection ( an executory contract "u section #cfe7;g7 & %all be all[$ or disall[$ 9 accordance ) section #ejb7;g77#a74 ,no claim = rejection damages %all be limit$ by section #ejb7;b77#g74 ,economic self-help by a labor organization %all be p]mitt$ ^u a c\rt ord] grant+ a motion to reject a collective b>ga9+ agreem5t "u subsection 7d7 or pursuant to subsection 7e71 & no provision ( ?is title or ( any o!r provision ( ,f$]al or ,/ate law may be con/ru$ to ! contr>y4 7g7 ,! tru/ee %all provide = ! reasonable fees & co/s incurr$ by a labor organization "u ?is section1 ^u reque/ & aft] notice & a he>+4 7h7 ,a collective b>ga9+ agreem5t t is assum$ %all be assum$ 9 accordance ) section #cfe4 4 #bjb4 ,paym5t ( insurance b5efits to retir$ employees ,section #aaad ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7a71 by ins]t+ 1 )\t reg>d to :e!r ! debtor ass]ts a "r to unilat]ally modify su* paym5ts "u su* plan1 fund1 or program be=e ! p]iod at ! end2 7#b7 9 subsection 7b77#b71 by ins]t+ 1 & a labor organization s]v+ z ! au?oriz$ repres5tative "u subsection 7c77#a71 aft] section2 7#c7 by /rik+ subsection 7f7 & ins]t+ ! foll[+3 7f7 7#a7 ,if a tru/ee seeks modification ( retiree b5efits1 ! tru/ee %all provide a notice to ! au?oriz$ repres5tative t modifications are be+ propos$ pursuant to ?is section1 & %all promptly provide an initial proposal4 ,!reaft]1 ! tru/ee %all conf] 9 good fai? ) ! au?oriz$ repres5tative at reasonable times & = a reasonable p]iod 9 light ( ! complexity ( ! case 9 attempt+ to rea* mutually satisfactory modifications4 7#b7 ,! initial proposal & subsequ5t proposals by ! tru/ee %all be bas$ ^u a bus9ess plan = ! reorganization ( ! debtor & %all reflect ! mo/ complete & reliable in=mation available4 ,! tru/ee %all provide to ! au?oriz$ repres5tative all in=mation t is relevant = ! negotiations4 ,! c\rt may ent] a protective ord] to prev5t ! disclosure ( in=mation if disclosure c\ld compromise ! position ( ! debtor ) respect to ! competitors 9 ! indu/ry ( ! debtor1 subject to ! ne$s ( ! au?oriz$ repres5tative to evaluate ! proposals ( ! tru/ee & an application pursuant to subsection 7g7 or 7h74 7#c7 ,modifications propos$ by ! tru/ee-- 7,a7 %all be propos$ only z "p ( a program ( work=ce & nonwork=ce co/ sav+s devis$ = ! reorganization ( ! debtor1 includ+ sav+s 9 managem5t p]sonnel co/s2 7,b7 %all be limit$ to modifications t are design$ to a*ieve a specifi$ aggregate f9ancial contribution = ! retiree gr\p repres5t$ by ! au?oriz$ repres5tative 7tak+ into consid]ation any co/ sav+s implem5t$ )9 ! #ab-mon? p]iod be=e ! date ( fil+ ( ! petition ) respect to ! retiree gr\p71 & %all be no m ?an ! m9imum sav+s ess5tial to p]mit ! debtor to exit bankruptcy1 su* t confirmation ( a plan ( reorganization is n likely to be foll[$ by ! liquidation1 or ! ne$ = fur!r f9ancial reorganization1 ( ! debtor 7or any successor to ! debtor7 9 ! %ort t]m2 & 7,c7 %all n be disproportionate or ov]ly burd5 ! retiree gr\p1 ei!r 9 ! am\nt ( ! co/ sav+s s\ght f su* gr\p or ! nature ( ! modifications4 2 7#d7 9 subsection 7g7-- 7,a7 by /rik+ ! subsection designation & all t foll[s ?r\gh ! semicolon at ! end ( p>agraph 7#c7 & ins]t+ ! foll[+3 7g7 7#a7 ,if1 aft] a p]iod ( negotiations1 ! tru/ee & ! au?oriz$ repres5tative h n rea*$ agreem5t ov] mutually satisfactory modifications & fur!r negotiations are n likely to produce mutually satisfactory modifications1 ! tru/ee may file a motion seek+ modifications 9 ! paym5t ( retiree b5efits aft] notice & a he>+4 ,abs5t agreem5t ( ! p>ties1 no su* he>+ %all be held be=e ! expiration ( ! #ba-;day p]iod beg9n+ on ! date on :i* notice ( ! he>+ is provid$ to ! au?oriz$ repres5tative4 ,only ! debtor & ! au?oriz$ repres5tative may appe> & be he>d at su* he>+4 7#b7 ,! c\rt may grant a motion to modify ! paym5t ( retiree b5efits only if1 bas$ on cle> & conv9c+ evid5ce-- 7,a7 ! c\rt f9ds t ! tru/ee has compli$ ) ! requirem5ts ( subsection 7f72 7,b7 ! c\rt has consid]$ alt]native proposals by ! au?oriz$ repres5tative & has det]m9$ t su* proposals d n meet ! requirem5ts ( subsection 7f77#c77;,b72 7,c7 ! c\rt f9ds t fur!r negotiations reg>d+ ! proposal ( ! tru/ee or an alt]native proposal by ! au?oriz$ repres5tative are n likely to produce a mutually satisfactory agreem5t2 7,d7 ! c\rt f9ds t implem5tation ( ! proposal %all n cause irrep>able h>m to ! affect$ retirees2 & 7,e7 ! c\rt concludes t an ord] grant+ ! motion & imm$iate implem5tation ( ! proposal ( ! tru/ee is ess5tial to p]mit ! debtor to exit bankruptcy1 su* t confirmation ( a plan ( reorganization is n likely to be foll[$ by liquidation1 or ! ne$ = fur!r f9ancial reorganization1 ( ! debtor 7or a successor to ! debtor7 9 ! %ort t]m4 7#c7 ,if1 dur+ ! bankruptcy1 a tru/ee has implem5t$ a program ( inc5tive pay1 bonuses1 or o!r f9ancial returns = insid]s ( ! debtor1 s5ior executive (fic]s ( ! debtor1 ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag]s ( ! debtor1 or any consultants provid+ s]vices to ! debtor1 or su* a program 0 implem5t$ )9 #ahj days be=e ! date ( ! fil+ ( ! petition1 ! c\rt %all presume t ! tru/ee has fail$ to satisfy ! requirem5ts ( subsection 7f77#c77;,c74 2 & 7,b7 9 ! matt] foll[+ p>agraph 7#c7-- 7i7 by /rik+ except t 9 no case & ins]t+ ! foll[+3 7#d7 ,9 no case 2 & 7ii7 by /rik+ is consi/5t ) ! /&>d set =? 9 p>agraph 7#c7 & ins]t+ assures t all cr$itors1 ! debtor1 & all ( ! affect$ p>ties are treat$ fairly & equitably1 & is cle>ly favor$ by ! balance ( ! equities2 7#e7 9 subsection 7h77#a71 by ins]t+ = a p]iod ( n long] ?an #ad days be=e ! p]iod2 & 7#f7 by /rik+ subsection 7k7 & r$esignat+ subsections 7l7 & 7m7 z subsections 7k7 & 7l71 respectively4 #bjc4 ,protection ( employee b5efits 9 a sale ( assets 7a7 ,requirem5t ,to pres]ve jobs & ma9ta9 t]ms & conditions ( employm5t ,section #cfc ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7q7 7#a7 ,9 approv+ a sale or lease ( prop]ty ( ! e/ate "u ?is section or a plan "u *apt] #aa1 ! c\rt %all give sub/antial weight to ! ext5t to :i* a prospective pur*as] or lessee ( ! prop]ty w-- 7,a7 pres]ve ! jobs ( ! employees ( ! debtor2 7,b7 ma9ta9 ! t]ms & conditions ( employm5t ( ! employees ( ! debtor2 & 7,c7 assume or mat* ! p5sion & heal? b5efit obligations ( ! debtor to ! retirees ( ! debtor4 7#b7 ,if !re are two or m (f]s to pur*ase or lease prop]ty ( ! e/ate "u ?is section or a plan "u *apt] #aa1 ! c\rt %all approve ! (f] ( ! prospective pur*as] or lessee t w be/ c>ry out ! actions describ$ 9 subp>agraphs 7,a7 ?r\gh 7,c7 ( p>agraph 7#a74 4 7b7 ,*apt] #aa plans ,section #aabi7;a7 ( title #aa1 ,unit$ ,/ates ,code is am5d$ by add+ at ! end ! foll[+3 7#ag7 ,if ! plan provides = ! sale ( all or sub/antially all ( ! prop]ty ( ! e/ate1 ! plan requires ! pur*as] ( ! sale to c>ry out ! actions describ$ 9 subp>agraphs 7,a7 ?r\gh 7,c7 ( section #cfc7q77#a74 4 #bjd4 ,claim = p5sion losses ,section #ejb ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7l7 ,! c\rt %all all[ a claim ass]t$ by an active or retir$ p>ticipant1 or by a labor organization repres5t+ su* p>ticipants1 9 a def9$ b5efit plan t]m9at$ "u section #djda or #djdb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acda1 #acdb71 = any %ortfall 9 p5sion b5efits accru$ z ( ! effective date ( ! t]m9ation ( su* p5sion plan z a result ( ! t]m9ation ( ! plan & limitations ^u ! paym5t ( b5efits impos$ pursuant to section #djbb ( t ,act 7#bi ,u4,s4,c4 #acdb71 not)/&+ any claim ass]t$ & collect$ by ! ,p5sion ,b5efit ,gu>anty ,corporation ) respect to su* t]m9ation4 7m7 ,! c\rt %all all[ a claim ( a k9d describ$ 9 section #aja7e77;,c7 by an active or retir$ p>ticipant 9 a def9$ contribution plan 7)9 ! mean+ ( section #c7cd7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7cd7771 or by a labor organization repres5t+ su* p>ticipants4 ,! am\nt ( su* claim %all be measur$ by ! m>ket value ( ! /ock at ! "t ( contribution to1 or pur*ase by1 ! plan & ! value z ( ! comm5cem5t ( ! case4 4 #bje4 ,paym5ts by secur$ l5d] ,section #ejf7;c7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by add+ 7#a7 aft] 7c72 & 7#b7 by add+ at ! end ! foll[+3 7#b7 ,if "o or m employees ( ! debtor h n receiv$ wages1 accru$ vacation1 sev]ance1 or any o!r comp5sation ow$ "u a plan1 program1 policy or practice ( ! debtor1 or pursuant to ! t]ms ( a collective b>ga9+ agreem5t1 = s]vices r5d]$ on or aft] ! date ( ! comm5cem5t ( ! case1 or ! debtor has n made a contribution due "u an employee b5efit plan on or aft] ! date ( ! comm5cem5t ( ! case1 su* unpaid obligations %all be deem$ reasonable1 necess>y co/s & exp5ses ( pres]v+1 or dispos+ (1 prop]ty secur+ an all[$ secur$ claim & b5efitt+ ! hold] ( ! all[$ secur$ claim1 & %all be recov]$ by ! tru/ee = paym5t to ! employees or ! employee b5efit plan1 z applicable1 ev5 if ! tru/ee1 or a successor or pr$ecessor 9 int]e/ has o!rwise waiv$ ! provisions ( ?is subsection "u an agreem5t ) ! hold] ( ! all[$ secur$ claim or a successor or pr$ecessor 9 int]e/4 4 #bjf4 ,pres]vation ( jobs & b5efits ,*apt] #aa ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by ins]t+ be=e section #aaja ! foll[+3 #aajj4 ,/atem5t ( purpose ,a debtor comm5c+ a case "u ?is *apt] %all h z its pr9cipal purpose ! reorganization ( its bus9ess to pres]ve go+ conc]n value to ! maximum ext5t possible ?r\gh ! productive use ( its assets & ! pres]vation ( jobs t w su/a9 productive economic activity4 2 7#b7 9 section #aabi-- 7,a7 9 subsection 7a71 z am5d$ by section #ajd1 by add+ at ! end ! foll[+3 7#ah7 ,! debtor has demon/rat$ t ! reorganization pres]ves go+ conc]n value to ! maximum ext5t possible ?r\gh ! productive use ( ! assets ( ! debtor & pres]ves jobs t su/a9 productive economic activity4 2 & 7,b7 9 subsection 7c7-- 7i7 by ins]t+ 7#a7 aft] 7c72 & 7ii7 by /rik+ ! la/ s5t5ce & ins]t+ ! foll[+3 7#b7 ,if ! requirem5ts ( subsections 7a7 & 7b7 are met ) respect to m ?an #a plan1 ! c\rt %all1 9 det]m9+ :i* plan to confirm-- 7,a7 consid] ! ext5t to :i* ea* plan w\ld pres]ve go+ conc]n value ?r\gh ! productive use ( ! assets ( ! debtor & ! pres]vation ( jobs t su/a9 productive economic activity2 & 7,b7 confirm ! plan t bett] s]ves su* int]e/s4 7#c7 ,a plan t incorporates ! t]ms ( a settlem5t ) a labor organization repres5t+ employees ( ! debtor %all presumptively con/itute ! plan t satisfies ?is subsection4 2 & 7#c7 9 ! table ( sections1 by ins]t+ be=e ! item relat+ to section #aaja ! foll[+3 #aajj4 ,/atem5t ( purpose4 4 #bjg4 ,t]m9ation ( exclusivity ,section #aaba7;d7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,= purposes ( ?is subsection1 cause = r$uc+ ! #abj-;day p]iod or ! #ahj-;day p]iod includes-- 7,a7 ! fil+ ( a motion pursuant to section #aaac seek+ rejection ( a collective b>ga9+ agreem5t if a plan bas$ ^u an alt]native proposal by ! labor organization is reasonably likely to be confirm$ )9 a reasonable "t2 & 7,b7 ! propos$ fil+ ( a plan by a propon5t o!r ?an ! debtor1 :i* incorporates ! t]ms ( a settlem5t ) a labor organization if su* plan is reasonably likely to be confirm$ )9 a reasonable "t4 4 #bjh4 ,claim = )drawal liability ,section #ejc7;b7 ( title #aa1 ,unit$ ,/ates ,code1 z am5d$ by section #ajc ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ) respect to )drawal liability ow$ to a multiemploy] p5sion plan = a complete or p>tial )drawal pursuant to section #dbja ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acha7 :]e su* )drawal occurs on or aft] ! comm5cem5t ( ! case1 an am\nt equal to ! total b5efits payable f su* p5sion plan t accru$ z a result ( employees' s]vices r5d]$ to ! debtor dur+ ! p]iod beg9n+ on ! date ( comm5cem5t ( ! case & end+ on ! date ( ! )drawal f ! plan4 4 ,,iii ,re/rict+ ,executive ,comp5sation ,programs #cja4 ,executive comp5sation ^u exit f bankruptcy ,section #aabi7;a7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#d7-- 7,a7 by add+ 7,a7 aft] 7#d72 7,b7 9 subp>agraph 7,a71 z s designat$1 by /rik+ ,any paym5t & ins]t+ ,subject to subp>agraph 7,b71 any paym5t2 & 7,c7 by add+ at ! end ! foll[+3 7,b7 7i7 ,subject to clause 7ii71 ! plan does n provide = paym5ts or o!r di/ributions to1 or = ! b5efit (1 an insid] ( ! debtor1 a s5ior executive (fic] ( ! debtor1 any ( ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor1 unless-- 7,i7 ! paym5ts or o!r di/ributions are "p ( a program t is g5]ally applicable to all full-"t employees ( ! debtor2 & 7,,ii7 ! paym5ts or di/ributions d n exce$ ! comp5sation limits e/abli%$ 9 section #ejc7;c77#a7 9 comp>ison to ! nonmanagem5t work=ce ( ! debtor4 7ii7 ,! requirem5t "u clause 7i7 %all n apply to ! comp5sation describ$ 9 p>agraph 7#e77;,c74 2 7#b7 9 p>agraph 7#e7-- 7,a7 9 subp>agraph 7,a77ii71 by /rik+ & at ! end2 7,b7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,c7 ! comp5sation disclos$ "u subp>agraph 7,b7 has be5 approv$ by1 or is subject to ! approval (1 ! c\rt z-- 7i7 reasonable :5 comp>$ to individuals hold+ comp>able positions at comp>able companies 9 ! same indu/ry z ! debtor2 7ii7 n m ?an ! am\nt correspond+ to ! #ej? p]c5tile ( ! comp5sation ( ! individuals describ$ 9 clause 7i72 & 7iii7 n excessive or disproportionate 9 light ( economic losses ( ! nonmanagem5t work=ce ( ! debtor4 4 #cjb4 ,limitations on executive comp5sation enhancem5ts ,section #ejc7;c7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 ! matt] prec$+ p>agraph 7#a71 by ins]t+ & subject to section #cfc7;b77#c7 aft] subsection 7b72 7#b7 9 p>agraph 7#a7-- 7,a7 9 ! matt] prec$+ subp>agraph 7,a7-- 7i7 by ins]t+ 1 a s5ior executive (fic] ( ! debtor1 any ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor be=e = ! purpose2 & 7ii7 by ins]t+ or = ! paym5t ( p]=mance or inc5tive comp5sation1 or a bonus ( any k9d1 or o!r f9ancial returns design$ to replace or enhance inc5tive1 /ock1 or o!r comp5sation 9 effect be=e ! date ( ! comm5cem5t ( ! case1 aft] rema9 ) ! debtor's bus9ess12 7,b7 by am5d+ subp>agraph 7,a7 to read z foll[s3 7,a7 ! transf] or obligation is "p ( a program t is g5]ally applicable to all full-"t employees ( ! debtor2 & 2 7,c7 by /rik+ subp>agraph 7,b72 7,d7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b72 7,e7 9 subp>agraph 7,b71 z s r$esignat$-- 7i7 9 clause 7i71 by /rik+ #aj & ins]t+ #b2 & 7ii7 9 clause 7ii7-- 7,i7 by /rik+ #be & ins]t+ #aj2 & 7,,ii7 by /rik+ insid] & ins]t+ p]son2 7#c7 9 p>agraph 7#b7-- 7,a7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ 1 a s5ior executive (fic] ( ! debtor1 any ( ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor1 be=e 1 unless2 & 7,b7 9 subp>agraph 7,b71 by /rik+ #aj & ins]t+ #b2 & 7#d7 by am5d+ p>agraph 7#c7 to read z foll[s3 7#c7 o!r transf]s or obligations to1 or = ! b5efit (1 an insid] ( ! debtor1 a s5ior executive (fic] ( ! debtor1 ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor t are outside ( ! ord9>y c\rse ( bus9ess1 except z "p ( a plan ( reorganization & subject to ! approval ( ! c\rt "u p>agraphs 7#d7 & 7#e7 ( section #aabi7;a74 4 #cjc4 ,prohibition aga9/ special comp5sation paym5ts ,section #cfc ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7b71 by add+ at ! end ! foll[+3 7#c7 ,no plan1 program1 or o!r transf] or obligation to1 or = ! b5efit (1 an insid] ( ! debtor1 a s5ior executive (fic] ( ! debtor1 ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor %all be approv$ if ! debtor has1 on or aft] ! date t is #a ye> be=e ! date ( ! fil+ ( ! petition-- 7,a7 discont9u$ any plan1 program1 policy1 or practice ( pay+ sev]ance pay to ! nonmanagem5t work=ce ( ! debtor2 or 7,b7 modifi$ any plan1 program1 policy1 or practice describ$ 9 subp>agraph 7,a7 9 ord] to r$uce b5efits "u ! plan1 program1 policy1 or practice4 2 & 7#b7 9 subsection 7c7-- 7,a7 9 p>agraph 7#a71 by /rik+ ,if ! bus9ess & ins]t+ ,except z provid$ 9 p>agraph 7#e71 if ! bus9ess2 & 7,b7 by add+ at ! end ! foll[+3 7#e7 ,9 ! case ( a transaction t is a transf] or obligation describ$ 9 p>agraphs 7#a7 ?r\gh 7#c7 ( section #ejc7;c71 ! tru/ee %all obta9 ! prior approval ( ! c\rt aft] notice & an opportunity = a he>+4 4 #cjd4 ,assumption ( executive b5efit plans ,section #cfe ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ & 7d7 & ins]t+ 7d71 7q71 & 7r72 & 7#b7 by add+ at ! end ! foll[+3 7q7 ,no def]r$ comp5sation arrangem5t = ! b5efit ( an insid] ( ! debtor1 a s5ior executive (fic] ( ! debtor1 or any ( ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s %all be assum$ if a def9$ b5efit plan = employees ( ! debtor has be5 t]m9at$ pursuant to section #djda or #djdb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acda1 #acdb71 on or aft] ! date t is #a ye> be=e ! date ( ! comm5cem5t ( ! case4 7r7 ,no plan1 fund1 program1 or contract to provide retiree b5efits = insid]s ( ! debtor1 s5ior executive (fic]s ( ! debtor1 or ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s %all be assum$ if ! debtor has obta9$ relief "u subsection 7g7 or 7h7 ( section #aaad to impose r$uctions 9 retiree b5efits or "u subsection 7d7 or 7e7 ( section #aaac to impose r$uctions 9 ! heal? b5efits ( active employees ( ! debtor1 or has o!rwise r$uc$ or elim9at$ heal? b5efits = employees or retirees ( ! debtor on are aft] ! date t is #a ye> be=e ! date ( ! comm5cem5t ( ! case4 4 #cje4 ,recov]y ( executive comp5sation 7a7 ,9 g5]al ,sub*apt] ,,iii ( *apt] #e ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] section #efb ! foll[+3 #efc4 ,recov]y ( executive comp5sation 7a7 ,if a debtor has obta9$ relief "u section #aaac7;d7 or section #aaad7;g71 by :i* ! debtor r$uces ! co/ ( its obligations "u a collective b>ga9+ agreem5t or a plan1 fund1 or program = retiree b5efits 7z def9$ 9 section #aaad7;a771 ! c\rt1 9 grant+ relief1 %all det]m9e ! p]c5tage dim9ution 9 ! value ( ! obligations :5 comp>$ to ! obligations ( ! debtor "u ! collective b>ga9+ agreem5t1 or ) respect to retiree b5efits1 z ( ! date ( ! comm5cem5t ( ! case "u ?is title be=e grant+ su* relief4 ,9 mak+ its det]m9ation1 ! c\rt %all include r$uctions 9 b5efits1 if any1 z a result ( ! t]m9ation pursuant to section #djda or #djdb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acda1 #acdb71 ( a def9$ b5efit plan adm9i/]$ by ! debtor1 or = :i* ! debtor is a contribut+ employ]1 effective at any "t on or aft] #ahj days be=e ! date ( ! comm5cem5t ( a case "u ?is title4 ,! c\rt %all n take into acc\nt p5sion b5efits paid or payable "u t ,act z a result ( any su* t]m9ation4 7b7 ,if a def9$ b5efit p5sion plan adm9i/]$ by ! debtor1 or = :i* ! debtor is a contribut+ employ]1 has be5 t]m9at$ pursuant to section #djda or #djdb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acda1 #acdb71 effective at any "t on or aft] #ahj days be=e ! date ( ! comm5cem5t ( a case "u ?is title1 b a debtor has n obta9$ relief "u section #aaac7;d71 or section #aaad7;g71 ! c\rt1 ^u motion ( a p>ty 9 int]e/1 %all det]m9e ! p]c5tage dim9ution 9 ! value ( b5efit obligations :5 comp>$ to ! total b5efit liabilities be=e su* t]m9ation4 ,! c\rt %all n take into acc\nt p5sion b5efits paid or payable "u title ,,iv ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acja et seq47 z a result ( any su* t]m9ation4 7c7 ,^u ! det]m9ation ( ! p]c5tage dim9ution 9 value "u subsection 7a7 or 7b71 ! e/ate %all h a claim = ! return ( ! same p]c5tage ( ! comp5sation paid1 directly or indirectly 7includ+ any transf] to a self-settl$ tru/ or simil> device1 or to a nonqualifi$ def]r$ comp5sation plan "u section #dji;,a7d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 to any (fic] ( ! debtor s]v+ z memb] ( ! bo>d ( directors ( ! debtor )9 ! ye> be=e ! date ( ! comm5cem5t ( ! case1 & any individual s]v+ z *airman or lead director ( ! bo>d ( directors at ! "t ( ! grant+ ( relief "u section #aaac or #aaad or1 if no su* relief has be5 grant$1 ! t]m9ation ( ! def9$ b5efit plan4 7d7 ,! tru/ee or a committee appo9t$ pursuant to section #aajb may comm5ce an action to recov] su* claims1 except t if nei!r ! tru/ee nor su* committee comm5ces an action to recov] su* claim by ! fir/ date set = ! he>+ on ! confirmation ( plan "u section #aabi1 any p>ty 9 int]e/ may apply to ! c\rt = au?ority to recov] su* claim = ! b5efit ( ! e/ate4 ,! co/s ( recov]y %all be borne by ! e/ate4 7e7 ,! c\rt %all n aw>d po/petition comp5sation "u section #ejc7;c7 or o!rwise to any p]son subject to subsection 7c7 ( ?is section if !re is a reasonable likelihood t su* comp5sation is int5d$ to reimburse or replace comp5sation recov]$ by ! e/ate "u ?is section4 4 7b7 ,te*nical & con=m+ am5dm5t ,! table ( sections = *apt] #e ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #efb ! foll[+3 #efc4 ,recov]y ( executive comp5sation4 4 #cjf4 ,pref]5tial comp5sation transf] ,section #edg ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7j7 7#a7 ,! tru/ee may avoid a transf]-- 7,a7 made-- 7i7 to1 or = ! b5efit (1 an insid] ( ! debtor 7includ+ an obligation incurr$ = ! b5efit ( an insid] "u an employm5t contract71 a s5ior executive (fic] ( ! debtor1 ! #bj highe/ comp5sat$ employees ( ! debtor :o are n insid]s or s5ior executive (fic]s1 any dep>tm5t or division manag] ( ! debtor1 or any consultant provid+ s]vices to ! debtor made 9 anticipation ( bankruptcy2 or 7ii7 9 anticipation ( bankruptcy to a consultant :o is =m]ly an insid] & :o is reta9$ to provide s]vices to an entity t becomes a debtor 7includ+ an obligation "u a contract to provide s]vices to su* entity or to a debtor72 & 7,b7 made or incurr$ on or )9 #a ye> be=e ! fil+ ( ! petition4 7#b7 ,no provision ( subsection 7c7 %all con/itute a def5se aga9/ ! recov]y ( a transf] describ$ 9 p>agraph 7#a74 7#c7 ,! tru/ee or a committee appo9t$ pursuant to section #aajb may comm5ce an action to recov] a transf] describ$ 9 p>agraph 7#a71 except t1 if nei!r ! tru/ee nor su* committee comm5ces an action to recov] ! transf] by ! "t ( ! comm5cem5t ( a he>+ on ! confirmation ( a plan "u section #aabi1 any p>ty 9 int]e/ may apply to ! c\rt = au?ority to recov] ! claims = ! b5efit ( ! e/ate4 ,! co/s ( recov]y %all be borne by ! e/ate4 4 ,,iv ,o!r ,provisions #dja4 ,union pro( ( claim ,section #eja7;a7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ 1 includ+ a labor organization1 aft] ,a cr$itor4 #djb4 ,exception f automatic /ay ,section #cfb7;b7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#bg71 by /rik+ & at ! end2 7#b7 9 p>agraph 7#bh71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by ins]t+ aft] p>agraph 7#bh7 ! foll[+3 7#bi7 ( ! comm5cem5t or cont9uation ( a grievance1 arbitration1 or simil> dispute resolution proce$+ e/abli%$ by a collective b>ga9+ agreem5t t 0 or c\ld h be5 comm5c$ aga9/ ! debtor be=e ! fil+ ( a case "u ?is title1 or ! paym5t or en=cem5t ( an aw>d or settlem5t "u su* proce$+4 4 #djc4 ,effect on collective b>ga9+ agreem5ts "u ! ,railway ,labor ,act ,section #ajc ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7m7 ,not)/&+ sections #cfe1 #aaac1 or #aaad1 nei!r ! c\rt nor ! tru/ee may *ange ! wages1 work+ conditions1 or retirem5t b5efits ( an employee or a retiree ( ! debtor e/abli%$ by a collective b>ga9+ agreem5t t is subject to ! ,railway ,labor ,act 7#de ,u4,s4,c4 #aea et seq471 except 9 accordance ) section #f ( t ,act 7#de ,u4,s4,c4 #aef74 4