A bill to amend the National Labor Relations Act and the Railway Labor Act to modify the circumstances under which certain collective bargaining agreement subject to such Act may be rejected by an employer in a case under chapter 11 of title 11 of the United States Code.

Amends the National Labor Relations Act and the Railway Labor Act to provide that a collective bargaining agreement reached before the beginning of an employer's pending bankruptcy case may only be rejected by the employer's trustee-in-bankruptcy under specified circumstances.

Provides that if such agreements have, within a specified time, been reaffirmed, modified, or submitted for binding arbitration, such agreements may not be rejected by the employer's trustee-in-bankruptcy.