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The U.S. Bankruptcy Court in Manhattan on Monday granted Eastman Kodak Co.’s motion to form a retiree committee.
The committee will act as the authorized representative of all Kodak retirees with respect to any future Kodak proposals to modify retiree benefits. The U.S. Trustee is to select the retiree committee from lists of names provided by EKRA Ltd., Kodak and other sources.
The committee is expected to consist of seven to nine members and be announced by early May, EKRA officials said.
“This is more good news for all retirees. This committee will have direct interaction with Kodak to try to find win-win solutions for the resolution of all of our health and survivor benefits” said Bob Volpe, EKRA president, in a statement.
Kodak had filed the motion April 4 requesting the U.S. Trustee proceed with the formation of the committee. That motion came after the court suggested in March that formation of such a committee would be productive.
The company on April 4 also withdrew its earlier motion to eliminate retiree medical coverage for certain Medicare-eligible individuals. No changes to retiree medical and survivor benefits are being proposed at this time, the company said. Once the committee is formed, the company plans to take another look at the best approach to address its legacy retiree costs.
The court’s order requires Kodak to provide the committee with at least 30 days, but no more than 60 days, prior notice before making a written modification proposal.
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