Section 1114 and Modification of Retiree Benefits

Summary

This practice note discusses Section 1114 of the Bankruptcy Code and the ability of a debtor during the course of the bankruptcy case to modify the pre-petition retiree benefits the debtor has provided to its employees. This note addresses the process the debtor must follow to modify the benefits and the rights and protections afforded to retirees (including the bankruptcy treatment of any resulting claims).