should companies that come out of bankruptcy make good on retiree obligations?

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We've all heard the sad news stories about many companies "having" to file bankruptcy due to lack of profits. Ok, so they file bankruptcy, and the bankruptcy courts relieve them of the obligation of providing the pension funds they 'promised' to their loyal employees. Retirees will be 'covered' by Federal Programs designed for this very thing...but the amount the retirees will get is far less than they had planned on their whole lives. Then, the same bankrupted company is able to get themselves back up to a profitable position where they can emerge from the 'bankruptcy' status. That's a good thing. But, they're not held accountable to the retirees in any way...that seems to have been 'erased' from memory. So the taxpayers foot the bill for the retiree funds and the 'new' company laughs all the way to the bank. How can this be? WHY???