Section 1113 of the Bankruptcy Code enables reorganizing companies to improvetheir post-bankruptcy competitiveness by renegotiating union contracts to competitive rates.
However, the administrations of both Presidents George W. Bush and Barack Obama have pursued weak dollar policies in their misguided attempt to improve the competitiveness of U.S. companies and to stimulate the economy.
In return for this assistance, companies will have to modernize their plans with initiatives to cut waste and improve quality -- and they will have to show that they're using the tax credits to enhance theircompetitiveness and support their workers.