Kodak Wins Approval For $13.5M Retention Bonus Plan

Law360, New York (April 30, 2012, 5:35 PM EDT) -- A New York bankruptcy judge approved a $13.5 million employee retention bonus plan Monday for Eastman Kodak Co., saying he'd take the company at its word that the plan wouldn't benefit insiders, while approving the $23.8 million sale of its Kodak Gallery business.

U.S. Bankruptcy Judge Allan L. Gropper granted the debtor's employee retention plan motion over an objection by U.S. Trustee Tracy Hope Davis, who had argued that the recipients may include company insiders.

“Plans of debtors in Chapter 11 cases raise sensitive issues,” the...
To view the full article, register now.