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WDKX.com » Blog » Kodak Creditors Approve Of Reorganization Plan
Aug 16th 2013 6:00 am
Kodak Creditors Approve Of Reorganization Plan

Eastman Kodak says it has the support of its creditors to go forward with its reorganization plan to get out of bankruptcy.
The company announced Thursday that its creditors voted in favor of the plan.

A Kodak spokesman says that's a key requirement and endorsement going into next week's confirmation hearing with the bankruptcy judge in New York City.

The judge will now rule on if the plan is feasible and compatible with the Bankruptcy Code. That confirmation hearing is set for Tuesday morning.

Meanwhile, a trustee with the U.S. Department of Justice filed an objection with the court over Kodak's reorganization plan. This issue is over corporate bonuses for executives like CEO Antonio Perez.

The filing says Perez is set to get $1.9 when Kodak emerges from bankruptcy. The trustee says the plan pays incentives to employees without meeting specific requirements of Bankruptcy Code.