Kodak Proposes Bonuses, Withdraws Benefits Cut

By: Associated Press
By: Associated Press

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Friday, April 6, 2012

Eastman Kodak Co. is asking for permission to pay about 300 key managers and other employees a total of $13.5 million in bonuses to keep them from leaving the company as it reorganizes under bankruptcy protection.

The Rochester-based photography company filed the request this week in U.S. Bankruptcy Court in New York.

In making its case for the bonuses, Kodak says 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.

Also this week, Kodak told retirees it has withdrawn its motion to end health care benefits for about 16,000 retirees who are over age 65 and eligible for Medicare. Kodak cites plans to form a committee to examine legacy retiree costs.

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