Too Many Lives Crushed/Bankruptcy Law Overhaul is Necessary to Protect Workers and Retirees

摘要

When companies go bankrupt, workers shoulder too much of the burden. Retirement promises disappear and workers are often given little choice at the bargaining table but to accept major cuts in wages and benefits or face losing jobs. "The lives of far too many American workers and retirees have been crushed by corporate reorganizations," International Vice President Fred Redmond told the U.S. House Subcommittee on Commercial and Administrative Law. "Congress can begin to set things right by reforming the bankruptcy laws." The US W is all too familiar with the Chapter 11 bankruptcy process. More than 40 steel companies filed for bankruptcy court protection over the past decade, mostly the result of global overcapacity in steel and unfairly traded imports.