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9/25/2007--Introduced.<br/>Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporation of unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority. Includes within the scope of a claim in bankruptcy certain equity securities held in a defined contribution plan for the benefit of certain individuals. Ranks in sixth order of priority the diminished value of debtor's equity securities held in a defined contribution plan if the employer or plan sponsor committed fraud regarding the plan. Permits within administrative expenses certain severance pay for termination or layoffs. Prohibits certain senior executive compensation from being disproportionate in light of economic concessions by debtor's nonmanagement workforce. Disallows as an administrative expense specified executive compensation enhancements. Revises requirements governing: (1) rejection of collective bargaining agreements; (2) insurance benefits for retired employees; and (3) the status of certain employee benefits in a sale of business assets. Allows defined benefit plan participants to file claims for certain shortfalls in pension benefits. Permits inclusion within the necessary costs and expenses of preserving property the mandatory recovery of unpaid obligations owed to employees. Directs the court to consider the extent to which alternative reorganization plans maintain: (1) jobs; (2) defined benefit plans; and (3) retiree health benefits. Prohibits assumption of deferred compensation for the benefit of insiders or senior management if an employee defined benefit plan has been terminated. Limits the recovery of executive compensation if the debtor has reduced its contractual obligations under either a collective bargaining agreement or retiree benefits plan. Excepts from an automatic stay: (1) a dispute resolution proceeding established by a collective bargaining agreement prior to commencement of bankruptcy; or (2) an award or settlement under such proceeding. Authorizes the bankruptcy trustee to avoid transfers made for the benefit of an insider or certain consultants in anticipation of bankruptcy. Revises prerequisites to court confirmation of a business reorganization plan which continues retiree benefits.<br/>

1190692800 2007-09-25 Fri Nov 07 16:41:18 -0600 2008 introduced 46365 'act':8 '2007':10 'busi':6 'retire':4 'employe':2 'protect':1 'bankruptci':7 53383 false short introduced 46365 '11':6 'bill':2 'busi':18 'code':9 'titl':5 'unit':7 'amend':4 'state':8 'improv':11 'retire':16 'employe':14 'protect':12 'bankruptci':19 52412 official introduced 46365 1190692800 Tue Sep 25 00:00:00 -0500 2007 130349 D000563 1944-11-21 309 Hart Senate Office Building http://durbin.senate.gov/contact.cfm 202-228-0400 Richard 'd':4 'il':5 'sen':1 'durbin':3,7,9 'richard':2,6,8 M 300038 Durbin Richard_Durbin J. Sen. Richard Durbin [D, IL] N00004981 16480 Democrat 202-224-2152 Roman Catholic IL Dick Richard Durbin 3.89 http://durbin.senate.gov B000444 1942-11-20 Joseph 'd':4 'de':5 'sen':1 'biden':3,7,9 'joseph':2,6,8 M 300008 Biden Joseph_Biden R. Sen. Joseph Biden [D, DE] N00001669 9825 Democrat Roman Catholic DE Joseph Biden 3.0 B000711 1940-11-11 112 Hart Senate Office Building http://boxer.senate.gov/contact/email/policy.cfm 202-224-0454 Barbara 'd':4 'ca':5 'sen':1 'boxer':3,7,9 'barbara':2,6,8 F 300011 Boxer Barbara_Boxer Sen. Barbara Boxer [D, CA] N00006692 28326 Democrat 202-224-3553 Jewish CA Barbara Boxer 2.46875 http://boxer.senate.gov SenatorBoxer B000944 1952-11-09 713 Hart Senate Office Building http://brown.senate.gov/contact/ 202-228-6321 Sherrod 'd':4 'oh':5 'sen':1 'brown':3,7,9 'sherrod':2,6,8 M 400050 Brown Sherrod_Brown Sen. Sherrod Brown [D, OH] N00003535 13214 Democrat 202-224-2315 Lutheran OH Sherrod Brown 3.57575757575758 http://brown.senate.gov/ SherrodBrownOhio C001041 1947-10-26 Hillary 'd':4 'ny':5 'sen':1 'clinton':3,7,9 'hillari':2,6,8 F 300022 Clinton Hillary_Clinton Rodham Sen. Hillary Clinton [D, NY] N00000019 25222 Democrat Methodist NY Hillary Clinton 3.37404580152672 F000061 1953-03-02 506 Hart Senate Office Building http://feingold.senate.gov/contact_opinion.html 202-224-2725 Russell 'd':4 'wi':5 'sen':1 'russel':2,6,8 'feingold':3,7,9 M 300042 Feingold Russell_Feingold D. Sen. Russell Feingold [D, WI] N00000036 13461 Democrat 202-224-5323 Jewish WI Russell Feingold 6.17142857142857 http://feingold.senate.gov SenRussFeingold H000206 1939-11-19 731 Hart Senate Office Building http://harkin.senate.gov/c/index.cfm 202-224-9369 Thomas 'd':4 'ia':5 'sen':1 'tom':8 'thoma':2,6,9 'harkin':3,7,10 M 300051 Harkin Tom_Harkin Sen. Thomas Harkin [D, IA] Tom N00004207 9302 Democrat 202-224-3254 Roman Catholic IA Tom Thomas Harkin 3.22222222222222 http://harkin.senate.gov/ SenatorTomHarkin K000105 1932-02-22 317 Russell Senate Office Building http://kennedy.senate.gov/senator/contact.cfm 202-224-2417 Edward 'd':4 'ma':5 'sen':1 'ted':8 'edward':2,6,9 'kennedi':3,7,10 M 300059 Kennedy Edward_Kennedy M. Sen. Edward Kennedy [D, MA] Ted N00000308 19402 Democrat 202-224-4543 Catholic MA Ted Edward Kennedy 3.58715596330275 http://kennedy.senate.gov/ K000148 1943-12-11 218 Russell Senate Office Building http://kerry.senate.gov/contact/email.cfm 202-224-8525 John 'd':4 'ma':5 'sen':1 'john':2,6,8 'kerri':3,7,9 M 300060 Kerry John_Kerry Forbes Sen. John Kerry [D, MA] N00000245 14014 Democrat 202-224-2742 Roman Catholic MA John Kerry 2.64 http://kerry.senate.gov/ M000639 1954-01-01 528 Hart Senate Office Building http://menendez.senate.gov/contact/contact.cfm 202-228-2197 Robert 'd':4 'nj':5 'bob':8 'sen':1 'robert':2,6,9 'menendez':10 'menéndez':3,7 M 400272 Menéndez Robert_Menendez Sen. Robert Menéndez [D, NJ] Bob N00000699 13711 Democrat 202-224-4744 Roman Catholic NJ Robert Menendez 2.11764705882353 http://menendez.senate.gov/ SenatorMenendezNJ O000167 1961-08-04 Barack 'obama':2,4,6 'barack':1,3,5 M 400629 Obama Barack_Obama Barack Obama N00009638 54360 Democrat United Church of Christ Barack Obama 3.72651356993737 introduced 46365 1190692800 Tue Sep 25 00:00:00 -0500 2007 130349 action 46365 1190692800 Tue Sep 25 00:00:00 -0500 2007 130350 Sponsor introductory remarks on measure. (CR S12063) action 46365 1190692800 Tue Sep 25 00:00:00 -0500 2007 130351 Read twice and referred to the Committee on the Judiciary.