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Kodak Approved For Emergence, Retirees Still Disappointed

While Kodak breathes a sigh of relief, retirees reflect on some very tough losses.
Terry Holland was devastated. He was promised health care benefits after he retired, and now he is left with nothing.

"I know they're trying to compete with other companies but to promise you everything and take it from you; a lot of people are hurting like I am when they took it from me," he said.

Holland wanted something in return for his commitment and 28 years of service at Kodak. But instead he feels upset and angered by the company's broken promises. After retiring in 1991, he has gone through his 401k and his family had to break into his wife's retirement savings because all of his benefits were taken away.

"As we went on they guaranteed me medical all my insurances for life. I lost my medical; those are biggies; my medical for the past three years has been more than $10,000 or more that I pay out of pocket, plus I'm retired," he explained.

He never expected a company so strong to fall apart at the seams. He blames management and was astounded when a federal judge did not object to CEO Antonio Perez's emergence bonus of $1 million.

"They don't deserve the bonus. They haven't proved anything to me other than a new company starting up. Right now Kodak's share [is] at seven cents a share," he said.

For now, Terry still has his pension, but he fears that just like his health insurance could be taken away too.

"I just hope if they lost that pension 20 percent it will hit the county hard," he said.

It is not only Terry that is suffering. There are still 38,000 Kodak retirees living in Rochester facing these same issues.


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