History in the making…
Kodak was supposed to be in Bankruptcy Court on Monday for a hearing on their agreement with a retiree committee to end health benefits for retirees and dependents. The Court was closed on Monday because of Hurricane Sandy. That hearing is being put off until next Monday.
On Tuesday, Kodak reported its third quarter loss grew 41% from third quarter 2011. Net loss was $312 million on revenue of $1.02 billion, which was down 19%. Cash on hand also continues to decrease. It now stands at $1.13 billion. Kodak also reported that they eliminated 775 jobs in the US during the quarter.
MVP Healthcare, that maintained the health care for Rochester area Kodak retirees, held the first informational meetings on Friday. Those meetings were overflowing. Many people were angry that they could not get into these meetings. Most concerned are Medicare eligible retirees that have heard that must pick a new plan before Dec. 7th. Information from Kodak says that because they are covered until the end of the year, they actually will have until Dec. 31st to pick a new Medicare plan. See this PDF file from Kodak for answers to this and other questions. Also Rochester area retirees can find medical information on this web page from EKRA. You don’t have to be a member of EKRA to see that information.