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Code · BILL · 118th Congress · H.R. 9985 (Introduced in House) — To subject certain private funds to joint and several liability with respect to the liabilities of firms acquired and... · Sec. 309

Sec. 309. Protection for employees in a sale of assets

451 words·~2 min read·/bill/118/hr/9985/ih/section-309·

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Section 363 of title 11, United States Code, is amended by adding at the end the following: In approving a sale or lease of property of the estate under this section, or under a plan under chapter 11, the court shall give substantial weight to the extent to which a prospective purchaser or lessee, respectively, of the property will— preserve the jobs of the workforce of the debtor; and maintain the terms and conditions of employment of the workforce of the debtor. If there are two or more offers to purchase or lease property of the estate under this section, or under a plan under chapter 11, that qualify under the procedures for the sale or lease, respectively, approved by the court, the court shall approve the offer that best— preserves the jobs of the workforce of the debtor; and maintains the terms and conditions of employment of the workforce of the debtor.
Any party seeking to purchase or lease property of the estate under this section, or under a plan under chapter 11, shall represent to the court the effect of such a transaction with respect to— the preservation of the jobs of the workforce of the debtor; and the maintenance of the terms and conditions of employment of the workforce of the debtor. The court shall expressly include in an order approving a purchase or lease of property of the estate under this section, or under a plan under chapter 11, any representation made by a purchaser or lessee of the property under paragraph (1).
With respect to a purchase or lease of property of the estate under this section, or under a plan under chapter 11— the court shall have jurisdiction over the purchaser or lessee of the property in order to enforce the terms of the order approving the purchase or lease; the purchaser or lessee shall promptly disclose to the court any material noncompliance with the terms of the order described in subparagraph
(A)and explain the basis for such noncompliance; and with respect to material noncompliance described in subparagraph (B), the court may impose any appropriate remedy, including injunctive relief, to address the noncompliance. . Section 1123(b)(4) of title 11, United States Code, is amended by inserting , which sale shall be subject to the requirements under subsections
(q)and
(r)of after section 363 of this title, property of the estate . Section 1129(a) of title 11, United States Code, is amended by adding at the end the following: If the plan provides for the sale of all or substantially all of the property of the estate, the sale meets the requirements under subsections
(q)and
(r)of section 363 of this title. .
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