US - The National Chrysler Retirement Organization has appointed Chicago law firm of Stahl Cowen Crowley Addis LLC to represent non-union retirees in Chrysler's bankruptcy proceedings in New York.
Section 1114 was enacted by the US Congress in the wake of several high-profile bankruptcies where courts had allowed companies to summarily cut the benefits of thousands of retirees and their dependents. It is Section 1114 that gives non-union retirees a voice in a bankruptcy, the law firm said.
NCRO president Chuck Austin said: "There are nearly 16,000 salaried retirees of Chrysler and their families who are dependent on the healthcare and pension benefits they earned."
He added: "On one hand, in bankruptcy Chrysler will seek to cut off every liability that it can. On the other, the United Auto Worker-represented retirees have protection and government support that salaried retirees don't have. Our goal is to assure balanced and even treatment for all retirees."
Austin said, while President Obama praised the UAW for sacrificing benefits, Chrysler has reduced or canceled compensation and benefits for its non-union employees and retirees over a period of many years, in an effort to help the company control costs and become more competitive.
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