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Kodak, the 131-year-old photography pioneer, filed for bankruptcy on January 19th 2012.Eastman Kodak announced early this morning that filing for Chapter 11 bankruptcy was “the right thing to do for the future” of the company.In a statement, Kodak CEO Antonio Perez said company leadership decided the move was “a necessary step.”Innovation Trail has followed the story over the course of 2012.

Motion to cut health benefits would affect 16,000 Kodak retirees

Zack Seward
Kodak says axing some retiree health benefits is a "necessary step."

Kodak wants to cut health care benefits for retirees over the age of 65.

The company filed a motion with the U.S. Bankruptcy Court [PDF] Monday. Kodak lawyers are asking to terminate medical benefits for Medicare-eligible retirees.

If the court approves the motion, Kodak workers over the age of 65 who retired on or after October 1, 1991 could lose their health coverage as soon as May 1.

A hearing on the motion is scheduled for the morning of March 20.

In a letter sent to retirees, Kodak said the move is a necessary step toward a "sustainable financial path."

According to the motion, the move would save Kodak $13.7 million in 2012 and about $20.5 million every year thereafter.

16,030 retirees would be affected.

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