History in the making…
Bankruptcy Court Judge Allan Gropper on Monday ordered that a committee be appointed to represent Kodak retirees interests. The biggest threat for the approximately 39,000 retirees (including myself) is that health care will be eliminated. The committee is expected to be made up of about 7-9 members. Retirees received an email that will point them to a link to the application to become a member of the committee. Applications needed to received by the Court by April 27th. I expect that most of the members of that committee will also be members of EKRA, the retiree organization to which I also belong.
NY State has given Kodak an extension of 3 years to make upgrades on the coal fired power plant in building 312 north of Weiland Road. The plant needs a major upgrade. It generates power to all 35 companies in Eastman Business Park (formerly Kodak Park). The estimates for needed upgrades range from $40 to $600 million.
According to a filing with the NY State Labor Department, Kodak will lay off an additional 41 employees this summer. Those effected will be from the plant on Manitou Road in Gates and at the research labs on Lake Avenue.
Kodak CEO Antonio M. Perez had his salary reduced in 2011 from what he made in 2010. In 2010, he made $2 million in salary and bonuses and $1.7 million worth of stock. With bankruptcy looming in 2911, he received salary and cash bonuses totaling $1.47 million and $396,000 worth of stock.