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Machinists Cite Pensions in Call for Bankruptcy Reform
In testimony before the House Judiciary Subcommittee on Commercial and Administrative Law, the IAM called for passage of H.R. 4677; Protecting Employees and Retirees in Business Bankruptcies Act of 2010, to close loopholes in current bankruptcy law that gives some corporations incentives to seek Chapter 11 bankruptcy protection.Machinists Cite Pensions in Call for Bankruptcy Reform
In testimony before the House Judiciary Subcommittee on Commercial and Administrative Law, the International Association of Machinists and Aerospace Workers (IAM) called for passage of H.R. 4677; Protecting Employees and Retirees in Business Bankruptcies Act of 2010, to close loopholes in current bankruptcy law that incentivize some corporations to seek Chapter 11 bankruptcy protection.Machinists Cite Pensions in Call for Bankruptcy Reform
FOR IMMEDIATE RELEASE
Washington, D.C., May 25, 2010 – In testimony before the House Judiciary Subcommittee on Commercial and Administrative Law, the International Association of Machinists and Aerospace Workers (IAM) called for passage of H.R. 4677; Protecting Employees and Retirees in Business Bankruptcies Act of 2010, to close loopholes in current bankruptcy law that incentivize some corporations to seek Chapter 11 bankruptcy protection.
IAM Supports Bankruptcy Reform
IAM International President Tom Buffenbarger has sent a letter to Congress requesting support for thousands of IAM members and retirees who have seen their wages, benefits and pensions shredded as airlines and manufacturing companies use bankruptcy to gut union contracts, while at the same time rewarding executives with big bonuses.Machinists Call for Bankruptcy Reform
Transportation GVP Robert Roach, Jr. testified this week before the House Subcommittee on Commercial and Administrative Law and called for changes to existing bankruptcy laws that have been used to extract massive concessions from workers while restricting their right to employ the self help provisions in their agreements.Bankruptcy
Sharon Levine, Bankruptcy Attorney explains how possible bankruptcies can affect you and your job.
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