Kodak moves to end health coverage for retirees 65 and older [View all]

[Earth_First]

Eastman Kodak Co. announced Monday that it is filing a motion in U.S. Bankruptcy Court to end health care coverage for most Medicare-eligible retirees.

A hearing on the motion is scheduled for March 20 in New York City before U.S. Bankruptcy Court Judge Allan Gropper.

In a letter to affected retirees, Patrick M. Sheller, Kodak’s senior vice president and general counsel, said the company understands that its move will be “difficult.” But Kodak indicated that it’s an essential step if the company is to successfully emerge from Chapter 11 and remain in business.

“Among the legacy costs that must be addressed as part of our reorganization are retiree health care costs that are not borne by many of the companies we compete against in the marketplace,” Sheller said in the letter.

http://www.democratandchronicle.com/article/20120227/BUSINESS/302270025/Kodak-retirees?odyssey=tab|topnews|text|Home

This will affect tens of thousands, their spouses, survivors, and dependants; would take affect May 1.