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Retiree Benefits and Section 1114
Haynes and Boone, LLP Link to more items from this source
[Guidance Overview]
May 29, 2009
Excerpt: Although the question of whether § 1114 applies to the modification or termination of retiree benefits that would otherwise be modifiable at will remains an open one, Judge Drain's recent decision [in the Delphi Corporation bankruptcy] is significant for several reasons. First, it adds further support to the seemingly growing consensus that § 1114 does not apply in such circumstances. Second, it gives debtor-employers a well-reasoned treatment of the issue to follow in fighting off objections to their attempts to escape or lessen the crushing burden of retiree benefits costs, the success of which may be the difference between a successful reorganization or a failed effort. Finally, it may spur further attempts by Congress and President Obama's administration to amend the Bankruptcy Code to strengthen the protections for retiree benefits, particularly since this issue is one that will likely take center stage in future automotive and other cases.

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