Word: debtors
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Alfonsin claims that United States aid is crucial to the success of his policies and his administration. It is vital that American markets be opened to Argentine goods if the country is to grow at all. Realizing that only if the debtor is allowed to do business will the creditor collect, Alfonsin is willing to implement an austerity program, but not a recessionary...
...businesses. To this question the court unanimously returned a qualified "yes", in Justice Rehnquist's opinion holding that "the language executory contract' includes within it collective bargaining agreements subject to the National Labor Relations Act (NLRA) and that the Bankruptcy Court may approve rejections of such contracts by the debtor-in possession upon an appropriate showing...
...large majority of the justices doubled their error by going even further, deciding 5-4 that "a debtor-in-possession does not commit an unfair labor practice when, after the filing of a bankruptcy petition but before court-approved rejection of the collective-bargaining agreement, it unilaterally modifies or terminates one or more provisions of the agreement...
...major danger," he writes, "to the reorganisation that stems from premature rejection of collective-bargaining agreements is that the debtor-in possession will reject an agreement he would not have rejected upon further deliberation." Brennan sees that too much power has been given to businesses eager to cut back on labor costs. Unfortunately, he spoke with the minority here. Still more unfortunately, no one spoke at all (in the court, at any rate) against the violations of labor rights in the first part of the decision...
...improved status shows that the city is a safer debtor and could save about $160,000 in interest during its next bond sale, City Manager Robert W. Healy said yesterday...