Tags: Kodak | Bankruptcy | retiree | benefit

Kodak Asks Court to End Retiree Benefits for 56,000

Wednesday, 10 Oct 2012 08:09 PM

Eastman Kodak Co. is asking a bankruptcy court judge to allow it to end retiree medical and other benefits at the end of the year as part of its restructuring.

The company said Wednesday it's reached an agreement with the court-appointed committee of retirees to pay a total of almost $660 million into a fund that could be used for future retiree benefits in exchange for eliminating its current $1.2 billion liability for medical, dental, life insurance and survivor income benefits.

It said the benefits cost about $10 million monthly and the change is essential to emerging successfully from Chapter 11 protection. A hearing on the agreement has been scheduled for Oct. 29.

An association that represents about 5,000 Kodak retirees said it's disappointed by the proposal affecting 56,000 beneficiaries.

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Eastman Kodak Co. is asking a bankruptcy court judge to allow it to end retiree medical and other benefits at the end of the year as part of its restructuring.The company said Wednesday it's reached an agreement with the court-appointed committee of retirees to pay a total...
Kodak,Bankruptcy,retiree,benefit
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2012-09-10
Wednesday, 10 Oct 2012 08:09 PM
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