Kodak Retiree Association Sells Bankruptcy Claim
By: WROC-TV
Updated: January 23, 2013
The beneficiary group for Kodak's retired workers has sold its bankruptcy claim owed to retirees.
The Kodak Kodak Retirees' Beneificiary Assocation sold a $635 million unsecured claim for about $70 million.
This was the settlement money retirees received in exchange for ending healthcare and other benefits early. It's a move that saved the company millions.
The money will go to help supplement health insurance for non-Medicare eligible retirees and provide survivor benefits.
Manning & Napier in Rochester will invest the money until benefits need to be paid out.
Now Kodak will have to make pay on the $15 million administrative claim made by the retirees once the company emerges from bankruptcy.
The Kodak Kodak Retirees' Beneificiary Assocation sold a $635 million unsecured claim for about $70 million.
This was the settlement money retirees received in exchange for ending healthcare and other benefits early. It's a move that saved the company millions.
The money will go to help supplement health insurance for non-Medicare eligible retirees and provide survivor benefits.
Manning & Napier in Rochester will invest the money until benefits need to be paid out.
Now Kodak will have to make pay on the $15 million administrative claim made by the retirees once the company emerges from bankruptcy.
