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<br />I union refused to accept their proposal "without good cause." it <br />Accordingly, a period of bargaining with union representatives is <br />necessary in these cases. At the present time, it is not <br />possible to predict the time which will be necessary to complete <br />the bargaining process, but Debtors believe that this process <br />will not be completed prior to the end of the first 120-day <br />period after the commencement of these cases. <br />b. Assuming that Debtors obtain all necessary <br />modifications of applicable collective bargaining agreements in <br />these cases, either by agreement with the unions or through the <br />procedures of 11 U.S.C. § 1113, Debtors will then have to seek <br />termination of their pension plan under the provisions of ERISA. <br />Debtors' available ground for voluntary distress plan termination <br />is set forth in ERISA y 4041(c)(2)(B)(ii) (29 U.S.C. <br />y 1341(c)(2)(B)(ii)), which requires an application to the <br />Pension Benefit Guaranty Corporation ("PBGC") and to the <br />Bankruptcy Court.3 <br />c. With respect to voluntary distress terminations <br />under the !'reorgani2ation test" for plan terminations, PBGC's <br />filing instructions state that Form 600 (the Notice of Distress <br />Termination) must be accompanied by a copy of each company's <br />filed petition in bankruptcy, a copy of prior notification to the <br />PBGC of "the request for approval of the plan termination by the <br />bankruptcy court," and a "copy of the order (if any) of the <br />3. it is possible for the PBGC itself to apply to a United <br />States District Court for an involuntary plan termination order. <br />That procedure can be expedited, but Debtors have no reason to <br />believe that the PBGC intends to seek such an order. <br />5 <br />