Service + Solidarity Spotlight: IFPTE Backs Corporate Bankruptcy Reform
Working people across the United States have stepped up to help out our friends, neighbors and communities during these trying times. In our regular Service + Solidarity Spotlight series, we’ll showcase one of these stories every day. Here’s today’s story.
Members of the International Federation of Professional and Technical Engineers (IFPTE) are putting their weight behind the Protecting Employees and Retirees in Business Bankruptcies Act of 2020 (H.R. 7370), a bill to rebalance America’s corporate bankruptcy laws to protect workers. In a letter to representatives, IFPTE International President Paul Shearon (pictured above) and IFPTE Secretary-Treasurer Matthew Biggs wrote: “The bill aims to reduce worker and retiree losses by making it more difficult to reject collective bargaining obligations during a bankruptcy; providing better protections against reducing or eliminating retiree benefits; mandating that court approval of bankruptcy sales is contingent on maintaining existing jobs and retiree pension and health benefits; and, further [defining] that the priority of a Chapter 11 bankruptcy process is to maintain as many jobs as possible….For too long employers have utilized the bankruptcy courts as a means of abrogating their pension, retiree health benefits and earned wages of their employees. This must come to an end.”
Mon, 09/21/2020 – 10:41