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Description: This report provides an overview of the status of employee wages and benefits, including retiree benefits, when an employer files in bankruptcy, and the amendments made to the U.S. Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act. This report examines those provisions in the U.S. Bankruptcy Code which govern the priority of employee wage and benefit claims, including severance payments; procedures for a chapter 1 1 debtor to modify benefits under a collective bargaining agreement; and procedures for a chapter 11 debtor to modify retiree life and health insurance benefits. It examines the role of employees on creditor committees and procedures in bankruptcy that facilitate lawsuits that may be directed at an employer/debtor. Finally, it considers the treatment accorded some aspects of managerial compensation, such as retention bonuses.

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