The UK Kodak Pension Plan (KPP) has had its settlement agreement approved by the US Bankruptcy Court for the Southern District of New York.
Steven Ross, independent chairman of the Kodak Pension Plan, said: “I am delighted that the court has approved the settlement involving the transfer of the PI and DI businesses to KPP.
“This is, by far, the best option available for KPP, which is acquiring two profitable businesses that will provide substantial ongoing income to the fund. The income that these two businesses generate will enable KPP to remain outside of the Pension Protection Fund (PPF) and to offer our members a new pension plan that will provide all of them with better benefits than they would have received in the PPF.
“I am pleased to say that the feedback the trustees are receiving from members at presentations currently being held around the UK is highly encouraging.
“I look forward to working alongside the management and staff of the PI and DI businesses, who have remained loyal and focused during this process, as we build a firm future for them and for our members.”
Antonio M. Perez, chairman and chief executive officer at Kodak, added: “We have been working in close cooperation with KPP to achieve a smooth transition for our PI and DI employees and customers to a new owner, one that clearly recognises the value of these businesses and intends to help them grow and succeed.”