ROCHESTER, N.Y. (AP) — Eastman Kodak Co. said Wednesday it has asked a bankruptcy court judge to allow it to end retiree medical and some other benefits at the end of the year as part of its restructuring.
The company said it reached an agreement with the court-appointed committee of retirees to pay a total of $650 million in claims and $7.5 million in cash into a fund that could be used for future payments in exchange for eliminating its current $1.2 billion liability for medical, dental, life insurance and survivor income benefits.
A company spokesman said pensions would not be affected.
It said the other benefits cost about $10 million monthly and the change is essential to emerging successfully from Chapter 11 protection. A hearing on the agreement has been scheduled for Oct. 29.