International Edition


April 28, 2017

Breaking News, World News and Taiwan News.
About Us
Contact Us

Bankrupt Kodak to slash retirement benefits in bid to rise from bankruptcy

NEW YORK -- Eastman Kodak will be scaling back benefits paid to retirees as part of a restructuring program aimed at pulling the century-old photography pioneer out of bankruptcy.

Medical, dental, life insurance and survivor income benefits, which were costing the company US$10 million per month, will be terminated at the end of the year as part of a proposal agreed upon with an official committee of retirees.

To cover the US$1.2 billion liability, Kodak will provide the committee with a US$7.5 million cash payment, a US$635 million unsecured claim and a US$15 million administrative claim, the company said in a statement Wednesday.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive our promos
 Respond to this email
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   Terms of Use  |   Sitemap
  chinapost search