Did the health care reform legislation eliminate COBRA?

No. The new health care reform legislation, The Patient Protection and Affordable Care Act (PPACA) as amended by the Health Care and Education Reconciliation Act, did not eliminate COBRA or change the COBRA rules.

See An Employee’s Guide to Health Benefits Under COBRA, The Consolidated Omnibus Budget Reconciliation Act for more information about COBRA

Source: http://www.dol.gov/ebsa/pdf/faq-healthcarereform.pdf