U.S. Bankruptcy Court approved the motion to terminate retiree benefits
On November 7, 2012, the U.S. Bankruptcy Court entered an order approving the Settlement Agreement between the company and the Official Committee of Retired Employees (the 1114 Committee) to terminate U.S. retiree health care and survivor benefits on December 31, 2012. This agreement, which also has the support of our Official Committee of Unsecured Creditors and the Ad Hoc Committee of Second Lien Holders, will significantly reduce one of the company's most substantial legacy liabilities, marking another major step toward Kodak's successful emergence from Chapter 11. Kodak understands and appreciates the contributions of our current and future retirees, acknowledges the difficult and hard work of the 1114 Committee, and recognizes that this action will pose challenges. However, this agreement is one of the many necessary and critical steps on the company's path to emerge as a profitable, sustainable company.
All impacted individuals will receive more details in the coming weeks.