Economy

Kodak has been awarded a 6 week extension to file their reorganization plan, that would enable the company to exit bankruptcy.
The previous deadline was slated for January 19.
But, US bankruptcy court Judge Allan Gropper approved Kodak's extension, granting them exclusive rights to propose a plan until February 28.
A group of bondholders filed an objection to the extension in court Monday, saying they have lost faith in management.
The group claimed Kodak has been burning through money at a fast rate.

A judge in the U.S. Bankruptcy Court in Manhattan has approved a motion that gives Eastman Kodak a six-week extension to a deadline for presenting its reorganization plan. 

The ruling gives Kodak until February 28th to put forward its proposal, an extension of the previous deadline of January 15th.

On Monday, Kodak announced that it had signed an agreement for $793 million in finance from a group of bondholders including J.P. Morgan Securities and Centerbridge Partners LP.

Xerox announced today they will lay off 2,500 workers world wide. This comes as a result of the company taking a $100 million charge to enable restructuring in the fourth quarter. 

The majority of cuts will be in the service side of the Xerox business, despite a growth in this section for the company. Services now account for more than half of Xerox's revenue.

Numerous healthcare providers are holding benefit meetings to let thousands of former Kodak employees know what their Medicare options are. That's as Kodak retirees, and their dependents, will lose their healthcare benefits at the end of the year. A bankruptcy judge O.K.'d Kodak to relinquish its 1.2 billion dollar annual liability in healthcare costs off the books earlier this week. During today's MVP Health Care session, retiree Lee Henner says he's concerned about how deeply he may have to dig into his wallet to make up the difference.