WXXI AM News

Kodak

Governor Andrew Cuomo signed a bill into law designed to protect Kodak retirees’ from a dramatic increase in health care costs.  

The law serves as a kind of safety net for former Kodak employees’ worried about losing their health insurance plans during the bankruptcy. Its gives will allow insurance companies to compete to provide health care coverage for Kodak retirees should their current plans be dropped.

Kodak says a bankruptcy court has approved an auction of its imaging patent portfolios over the objections of Apple and FlashPoint Technologies, giving the photography pioneer clarity on ownership claims.

The company announced a year ago it was looking to turn 1,100 digital imaging patents into ready money.  The patents then represented about 10 percent of Kodak's total portfolio.

Analyst George Conboy with Brighton Securities says the sale of its patents is essential for the company to meet obligations and eventually emerge from Chapter 11 bankruptcy.

79 More Layoffs at Kodak's Eastman Business Park

Jun 8, 2012

According to a new filing with the state labor department, 79 more Kodak employees will be let go by mid-August.

The latest round of layoffs targets the company's photographic equipment and supplies division at the former Kodak Park. 

Since filing for bankruptcy in January, the company has laid off more than 600 Rochester-area workers.

Kodak Cuts Another 141 Jobs

May 3, 2012

In a filing with the state labor department Wednesday, Kodak says another 141 local workers will lose their jobs.

The majority will be let go by mid-July.

The latest round of local cuts brings the number of layoffs since the imaging company filed for bankruptcy in January to 527.

That's according to the six separate filings Kodak has submitted to the state.

Kodak ended 2011 with just over 5,000 employees in the Rochester area. At its peak in 1982, that number was over 60,000.

It was another down quarter for Eastman Kodak. The company, which filed for bankruptcy protection in January, lost $366 million in the first three months of the year. Revenues also fell 27% to $965 million.

Democrat and Chronicle business reporter Matt Daneman says much of the drop in revenues can be attributable to losses in Kodak's Consumer Segment, as it gets out of the digital camera business.

Eastman Kodak went before a Manhattan bankruptcy judge this morning, asking to cut the health benefits of some 16,000 Medicare-eligible retirees.

That motion was not acted on.

Judge Allan Gropper essentially put the motion on hold, according to Democrat and Chronicle business reporter Matt Danemam.

"The notion of cutting these retiree benefits moves into second place," Daneman said.

Eastman Kodak is kicking off a new round of layoffs: 91 jobs will soon be cut.

But a much bigger dip in Kodak's local job numbers is coming as the result of a new accounting practice.

This time last year, Kodak reported a Rochester-area workforce of 7,100 people. Turns out that number should've been 5,900.

That 1,200 person drop is the result of a new classification system that excludes non-local employees who report to Rochester-based supervisors.

Eastman Kodak Company plans to end health care benefits for many retirees as a cost-cutting measure in its reorganization under Chapter 11 bankruptcy protection.

Kodak retirees were notified of the company’s plans in a letter from Kodak Monday. As part of the bankruptcy, Kodak has to get permission from the court to take the action.

WXXI Innovation Trail report Zack Seward has an extensive wrap up of the motion.

A co-inventor of digital photography whose pioneering work began 36 years ago at Eastman Kodak says he's proud of what he and his colleagues accomplished--even if Kodak was never able to take full advantage of it the way it once dominated chemically based photography.

Steve Sasson, who is now retired from Kodak, says in general he's happy to see the way digital picture-taking has blossomed.

Click on the audio player above to listen to a portion of the interview with WXXI’s Bob Smith on 1370 Connection on Thursday, February 16.

A bankruptcy judge has approved Kodak's request to remove its name from the theater that hosts the Oscars.

At Wednesday's bankruptcy hearing in New York City, lawyers for Kodak scored TWO key victories.

Judge Allan Gropper approved a 950 million dollar financing deal with Citigroup and also gave Kodak permission to cut bait on a sponsorship deal that would've cost the company $38 million.

Kodak signed a 20-year naming rights agreement with the Hollywood theater in 2000.

Pages