Kodak has scrapped its pension program, unlocking over $1 billion in assets to pay down debt and improve its finances, according to News10NBC.
The company used $312 million to cut a $500 million loan nearly in half and says it’s now in a net-positive cash position. Current retirees won’t lose benefits, but future retirees will shift to a new Kodak-funded plan.
The new “Cash Balance Plan” will cover all U.S. employees and includes $251 million in investment assets.
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