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Bankruptcy as bailout: Coal company insolvency and the erosion of federal law

Macey, Joshua ; Salovaara, Jackson

Stanford law review, 2019-04, Vol.71 (4), p.879-962 [Periódico revisado por pares]

Stanford: Stanford Law School

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Título:
Bankruptcy as bailout: Coal company insolvency and the erosion of federal law
Autor: Macey, Joshua ; Salovaara, Jackson
Assuntos: Bailouts (Government policy) ; BANKRUPTCY ; Bankruptcy discharge ; Bankruptcy laws ; Bankruptcy reorganization ; Coal ; Coal industry ; Coal trade ; COMPANIES ; Company business management ; Company financing ; Debt ; DEBTS AND DEBTORS ; Economic aspects ; EMPLOYMENT LAW ; ENVIRONMENTAL LAW ; Finance ; Government policy ; Government regulation ; Insolvency ; Labor laws and legislation ; Laws, regulations and rules ; Liabilities ; Management ; MINES AND MINERALS ; Obligations (Law) ; Personal bankruptcy ; Political aspects ; Regulatory compliance ; Remedies ; Social aspects
É parte de: Stanford law review, 2019-04, Vol.71 (4), p.879-962
Notas: STANFORD LAW REVIEW, Vol. 71, No. 4, Apr 2019: 879-962
Stanford Law Review, Vol. 71, No. 4, Apr 2019, 879-962
2019-07-26T16:08:22+10:00
Informit, Melbourne (Vic)
Descrição: Almost half of all the coal produced in the United States is mined by companies that have recently gone bankrupt. This Article explains how those bankruptcy proceedings have undermined federal environmental and labor laws. In particular, coal companies have used the Bankruptcy Code to evade congressionally imposed liabilities requiring that they pay lifetime health benefits to coal miners and restore land degraded by surface mining. Using financial information reported in filings to the Securities and Exchange Commission and in the companies' reorganization agreements, we show that between 2012 and 2017, four of the largest coal companies in the United States succeeded in shedding almost $5.2 billion of environmental and retiree liabilities. Most of these liabilities were backed by federal mandates. Coal companies disposed of these regulatory obligations by placing them in underfunded subsidiaries that they later spun off. When the underfunded successor companies liquidated, the coal companies managed to get rid of their regulatory obligations without defaulting on the pecuniary debts they owed to their creditors.
Editor: Stanford: Stanford Law School
Idioma: Inglês

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Bankruptcy as bailout: Coal company insolvency and the erosion of federal law

Macey, Joshua ; Salovaara, Jackson

Stanford: Stanford Law School

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