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Politics : American Presidential Politics and foreign affairs
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To: TimF who wrote (35542)5/18/2009 8:58:08 AM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
Re: "One of the ways to make it more profitable going forward so that it could potentially cover its obligations would be to release the company from its union contracts."

ALL CONTRACTS can be voided by the bankruptcy court --- such is the power of federal bankruptcy law.

(And any interested party can submit any plan of reorganization that they wish to the court.)

But the primary goal of a chapter 11 filing is still to create/craft a VIABLE BUSINESS... to reorganize the company's debts and business model so that it has a good chance of surviving and even thriving.

(Other forms of bankruptcy aim to tear up a company, sell off it's parts, to scrap it and dissolve the business. But that is not chapter 11.)
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