Plans actions to represent retiree’s interests
Published January 19, 2012
EKRA, an association of Kodak retirees, announced today that it will take steps to protect the interests of Kodak retirees in bankruptcy proceedings.
“While we are saddened by the Kodak bankruptcy filing, we will now execute the plans that we have already prepared in anticipation of bankruptcy to fight for retirees' pensions and benefits,” said Bob Volpe, President of EKRA.
There will be two classes of Kodak creditors: secured creditors, ones who have legally protected investments in the company, and unsecured creditors. The largest number of creditors will be unsecured. Kodak retirees, retiree survivors, individuals with Paid Up Deferred Annuities (PUDA), and Long-Term Disability recipients (LTD), are all commonly called “retirees”, and are each legally considered individual creditors.
“EKRA will file notice with The Office of the U.S. Trustee to be appointed to the committee of unsecured creditors, representing the interests of retirees who have a claim,” said Volpe. "It is our intention, and our members expect us, to lead and to be their advocates in any way that will protect their pension and benefits. I want to assure retirees and their families that EKRA will work diligently with its own attorneys as well as advisors from the National Retiree’s Legislative Network (NRLN) to stand up for the interests of retirees in bankruptcy proceedings,” said Volpe. Kodak cannot make any benefit changes until the committee of unsecured creditors is appointed and has had the opportunity to discuss the claim with the company, Volpe explained.
"EKRA would have a much stronger voice with the U. S Trustee and with Kodak, through the committee of unsecured creditors, if more retirees were members," Volpe said. "We strongly urge all Kodak retirees, to join EKRA. Retirees can learn more and join EKRA at http://ekra.org/join-renew or Send a check payable to EKRA for $15.00 to PO Box 25660, Rochester NY 14625."
Volpe noted that the process to resolve claims by the creditors could last many months. EKRA will communicate with its members continually throughout the bankruptcy process.