US SB1381

Increases priority wage claims from $10,000 to $20,000 per employee and removes the 180-day limitation on when wages must have been earned before bankruptcy filing

Strengthens protections for collective bargaining agreements by requiring "clear and convincing evidence" before courts can approve rejection, and modifications must be limited to minimum savings essential for the debtor to exit bankruptcy

Requires continuation of retiree health and pension benefits after bankruptcy plan confirmation and allows claims for pension shortfalls resulting from plan termination under ERISA

Restricts executive compensation during bankruptcy by limiting retention bonuses, requiring court approval for incentive pay, and allowing recovery of executive compensation proportional to employee benefit reductions

Exempts Railway Labor Act collective bargaining agreements from bankruptcy court modifications and allows grievance arbitration proceedings to continue despite the automatic stay