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Bankrupt Kodak withdraws benefits cut, proposes bonuses
Source: CBS/AP
April 6, 2012 7:37 PM
Bankrupt Kodak withdraws benefits cut, proposes bonuses
(CBS/AP) BUFFALO, N.Y. — Eastman Kodak Co. (EK) is seeking permission to pay roughly 300 executives and other employees a total of $13.5 million in bonuses to persuade them to stay with the company as it reorganizes under bankruptcy protection.
The Rochester-based photography company said the targeted employees have knowledge and skills critical to help the business emerge from Chapter 11 and would be difficult to replace if they left to pursue other offers. They include 119 middle managers who would share $8.5 million of the sum.
Also this week, Kodak told retirees it has withdrawn for now its motion to end supplemental health care benefits for about 16,000 Medicare-eligible retirees. The company will instead create a retirees committee to examine the issues of medical and survivor benefits.
"Once the ... committee is formed, we will take another look at what is the best approach to address our legacy retiree costs," Kodak said in a letter dated Wednesday.
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Bankrupt Kodak withdraws benefits cut, proposes bonuses
(CBS/AP) BUFFALO, N.Y. — Eastman Kodak Co. (EK) is seeking permission to pay roughly 300 executives and other employees a total of $13.5 million in bonuses to persuade them to stay with the company as it reorganizes under bankruptcy protection.
The Rochester-based photography company said the targeted employees have knowledge and skills critical to help the business emerge from Chapter 11 and would be difficult to replace if they left to pursue other offers. They include 119 middle managers who would share $8.5 million of the sum.
Also this week, Kodak told retirees it has withdrawn for now its motion to end supplemental health care benefits for about 16,000 Medicare-eligible retirees. The company will instead create a retirees committee to examine the issues of medical and survivor benefits.
"Once the ... committee is formed, we will take another look at what is the best approach to address our legacy retiree costs," Kodak said in a letter dated Wednesday.
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Read more: http://www.cbsnews.com/8301-500395_162-57410707/bankrupt-kodak-withdraws-benefits-cut-proposes-bonuses
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