Page:United States Statutes at Large Volume 102 Part 1.djvu/651

 PUBLIC LAW 100-334—JUNE 16, 1988

102 STAT. 613

"(3) The court may enter such protective orders, consistent with Classified the need of the authorized representative of the retirees to evaluate information. the trustee's proposal and the application for modification, as may be necessary to prevent disclosure of information provided to such representative where such disclosure could compromise the position of the debtor with respect to its competitors in the industry in which it is engaged. "G) This section shall not apply to any retiree, or the spouse or dependents of such retiree, if such retiree's gross income for the twelve months preceding the filing of the bankruptcy petition equals or exceeds $250,000, unless such retiree can demonstrate to the satisfaction of the court that he is unable to obtain health, medical, life, and disability coverage for himself, his spouse, and his dependents who would otherwise be covered by the employer's insurance plan, comparable to the coverage provided by the employer on the day before the filing of a petition under this title.". (b) PLAN.—Section 1129 of title 11, United States Code, is amended by adding at the end of subsection (a) thereof the following: "(13) The plan provides for the continuation after its effective date of payment of all retiree benefits, as that term is defined in section 1114 of this title, at the level established pursuant to subsection (e)(l)(B) or (g) of section 1114 of this title, at any time prior to confirmation of the plan, for the duration of the period the debtor has obligated itself to provide such benefits.". (c) TECHNICAL AMENDMENT.—The table of sections for subchapter I of chapter 11, title 11, United States Code, is amended by adding at the end thereof the following new item: "1114. Payment of insurance benefits to retired employees.". SEC. 3. CONFORMING AMENDMENTS.

(a) PuBuc LAW 99-591.—(1) Section 608(a) of the second title VI of ii use 1106 the joint resolution entitled "Joint resolution making continuing note. appropriations for the fiscal year 1987, and for other purposes', approved October 30, 1986 (Public Law 99-591; 100 Stat. 3341-74), is amended— (A) by striking "Notwithstanding" and all that follows through "Code" and inserting "(1) Subject to paragraphs (2), (3), (4), and (5), and notwithstanding title 11 of the United States Code", (B) by striking "until" and all that follows through "1987"; and (C) by adding at the end thereof the following: "(2) The level of benefits required to be paid by this subsection may be modified prior to confirmation of a plan under section 1129 of such title if— "(A) the trustee and an authorized representative of the former employees with respect to whom such benefits are payable agree to the modification of such benefit payments; or "(B) the court finds that a modification proposed by the trustee meets the standards of section 1113(b)(l)(A) of such title and the balance of the equities clearly favors the modification. If such benefits are covered by a collective bargaining agreement, the authorized representative shall be the labor organization that is signatory to such collective bargaining (Agreement unless there is a conflict of interest. "(3) The trustee shall pay benefits in accordance with this subsection until—

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