The nation’s oldest film and photography company has been working to resolve debt liabilities in Chapter 11 for nearly a year now. After several ups and downs, their bankruptcy case has reached a conclusion.
End Of An Era
For the better part of a year, Kodak has been working to resolve its financial troubles in bankruptcy. After talk of a buyout and potential patent sales, the company won approval to restructure through some controversial moves. Eastman Kodak was granted permission by the bankruptcy court to terminate health and welfare benefits to some 56,000 of its retirees and dependents, saving the company an estimated $10 million a month.
This latest court approval comes as just one of many staunch cuts the company has made since their filing earlier this year. Already laying off some 4,000 workers, selling off vital operations and real estate and cutting other retirement benefit programs, Kodak’s latest move is likely to be another huge financial blow to company retirees.