Reuters: U.S.: Kodak judge approves extra payments to employees

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Kodak judge approves extra payments to employees Apr 30th 2012, 21:32 Tweet Share this Email Print Related News AMR fires opening shot in court battle with workers Mon, Apr 23 2012 AMR unions want to take a chance on US Air merger Fri, Apr 20 2012 BP proposes Gulf spill accord terms, trial delay Wed, Apr 18 2012 UPDATE 3-MF Global trustee may sue company employees Thu, Apr 12 2012 Pinnacle Airlines files for bankruptcy in U.S. Mon, Apr 2 2012 Analysis & Opinion Can Strine and Castel resolve forum fight in BofA derivative deal? Bank of America and the standard of review: A tale of two cases A man walks past the Kodak World Headquarters sign in Rochester, New York January 19, 2012. Credit: Reuters/Adam Fenster Mon Apr 30, 2012 5:32pm EDT (Reuters) - Eastman Kodak received court approval on Monday from a bankruptcy court judge to spend about $13.5 million to try to keep a few hundred employees from leaving the company while it is in bankruptcy, a spokesman for the company confirmed. The U.S. Trustee, Tracy Hope Davis, who works for the Department of Justice, had objected to the plan. In court papers she cited concerns the company had not adequately shown that none of the participants in the plan could be considered 'insiders' under bankruptcy law. Kodak said it needed to make the payments to keep employees from leaving. Employee departures caused significant expenses and had increased the workload on remaining employees, Kodak said in court documents. The plan includes payments to about 119 employees at the middle manager level and at least 200 other employees, according to these court documents. Some managers at non-U.S. units could also receive payments, the documents said. Kodak filed for bankruptcy in January with plans for a restructuring that includes selling some non-core businesses and a large group of patents. It lost ground to competitors over the years as consumers switched to digital cameras from film. U.S. Bankruptcy Court Judge Allan Gropper approved the motion during a hearing. The case is in re: Eastman Kodak Co et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202. (Reporting by Caroline Humer in New York; editing by Andre Grenon) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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