MetLife has gone through an internal reorganization recently under the leadership of new president, CEO, and chairman-elect Steven Kandarian.

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So bankruptcy declaration is a way to either renegotiate with pilot, mechanic, and flight attendant unions or force even harsher wage reductions through a court approved reorganization plan.

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And as part of asking Congress for the authority for that kind of reorganization that existed up through President Reagan, he has made -- he has added as an incentive a component of that request that would require any reorganization to save money for the taxpayer, to save federal dollars.

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By contrast, the Defense Department went through a thorough, top-to-bottom reorganization simultaneously as it managed two wars.

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Under its reorganization plan, LyondellBasell issued common stock through a rights offering and in exchange for allowed creditor claims.

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There are some significant differences between Chapter 9, and the Chapter 11 reorganization that General Motors and Chrysler went through.

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If either of two bills working their way through the Senate pass, it could lead to the largest reorganization of the Food and Drug Administration in decades.

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