May 2008
Termination Premiums Under ERISA Held to Be Dischargeable Prepetition ClaimsBy William J.F. Roll, III, Michael H. Torkin and Solomon J. Noh
In a matter of first impression, the United States Bankruptcy Court for the Southern District of New York held that the termination premiums assessed against Oneida Ltd. (“Oneida”) as a result of the termination of one of Oneida’s pension plans during its Chapter 11 case were prepetition “claims” (as defined in § 101(5) of title 11 of the United States Code (the “Bankruptcy Code”)) that were discharged under Oneida’s confirmed plan of reorganization.
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