Kodak Has A Change of Heart And Withdraws Motion To End Health Coverage for Retirees But Is Still Looking To Pay 300 Execs Over $13 Million in Bonuses

At least the employees get to keep their retirement with the bankruptcy proceedings and give me a break, bonuses for the executives they feel are needed to help with the restructuring?  We talk a lot about our reliance on “experts” today that sometimes are not there.  I can see keeping some salaries for the folks to continue their employment and help through the bankruptcy but bonuses? 

Sure there’s some merit to having folks in house with expertise to help in the reorganization efforts but where does Kodak think they are going to go?  In my book, $13 million pays for a lot benefits.  The idea of cutting benefits was pretty tough too as it would have eliminated them for anyone who retired after 1991, and that has to be a pretty big number.  BD
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Eastman Kodak Co. withdrew an earlier bankruptcy court motion to end health insurance coverage for employees who retired after 1991, a group of Kodak retirees said Friday.

In February, Kodak said in a letter to retirees that it must “balance the needs of our retirees with the needs of our company.”

The Rochester, N.Y.-based film pioneer filed for Chapter 11 bankruptcy protection in January.

Kodak has about 500 employees in Kettering’s Miami Valley Research Park, which is the company’s second largest concentration of employees outside its corporate headquarters.

Kodak has said it plans to invest in the Kettering site, but it has also alerted Ohio government that it will lay off 66 Kettering employees by April 19, with more layoffs in smaller numbers ahead.

http://www.daytondailynews.com/business/kodak-withdraws-motion-to-end-retiree-health-coverage-1356294.html