Law360, Wilmington (July 10, 2012, 7:21 PM ET) -- A committee representing Eastman Kodak Co. retirees filed suit in New York bankruptcy court Monday to ensure that any future move by the company to cut retiree benefits is subject to Bankruptcy Code requirements.
The adversary complaint seeks a declaratory judgment that Section 1114 of the Bankruptcy Code, which requires a debtor to show the economic necessity of modifying retiree benefits, applies to nonvested benefits, as well — a stance that Kodak has rejected.
“It is the position of the Retiree Committee that § 1114 governs...
Retirees Seek To Curb Kodak's Leeway To Cut Benefits
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