History in the making…
Kodak received approval on Monday from the judge in their bankruptcy case to spend about $13.5 million to try to keep a few hundred employees from leaving. The U.S. Trustee, Tracy Hope Davis, had objected to the plan. She had cited concerns the company had not shown that top management would be getting any of the bonuses. In the end, the Judge allowed the bonuses.
On Tuesday it was announced that the theater in Hollywood that was formerly the “Kodak Theatre” is now known as “Dolby Theatre.”It was also announced that the Academy Awards will be held there for the next 20 years.
Kodak will lay off another 141 employees in the Rochester area, according to a filing announced by the NY State Department of Labor on Thursday. Most of the employees who were notified of their termination will work through July 15.
Pradeep Jotwani, President of Consumer Business at Kodak, is resigning at the end of May. He also holds the titles of Chief Marketing Officer and Senior Vice President.
Kodak is at the Drupa printing convention in Düsseldorf, Germany. That convention runs from May 3-16 and Kodak is demonstrating their expertise in commercial inkjet printing systems. It is so important to the future of the company that Antonio Perez (CEO) made a visit to Drupa. He also gave his first interview since Kodak filed for Chapter 11 bankruptcy in the US. Perez only talked about the company’s commercial digital printing and wasn’t asked any questions about the bankruptcy.
Last month, the bankruptcy Judge ordered a committee be created to represent retirees in negotiations with Kodak. Four men from Rochester, one man from North Carolina, another man from the Dayton, Ohio area and a lady from the Windsor, Colorado area will make up the committee. Their committee will give input to the Judge that could affect retirees, such as cuts to benefits.