NADLER INTRODUCES RETAILERS BILL

rep. jerrold nadler introduced a bill that would change provisions for retailers who claim chapter 11 bankruptcy. the bill would undo provisions in a 2005 bankruptcy law that favored creditors and hindered businesses that needed to declare bankruptcy and reorganize to stay afloat. nadler's legislation would give judges discretion in deciding the amount of time a business can dump, keep or assign its leases after declaring chapter 11 bankruptcy; it would also allow businesses to stay current on utility bills rather than pay all debt upfront, stop utility companies from cutting off service from businesses that are current, and allow vendors to reclaim goods shipped to a businesses under chapter 11 bankruptcy within 10 days of receiving the goods. "the[legislation]will remove some of obstacles now hindering struggling businesses and inject a much-needed economic boost during this time of severe recession," nadler said in a statement.