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Kodak asks permission to give out $13.5 million in bonuses

Posted on Friday, April 6th, 2012 at 8:20 pm    

Eastman Kodak Co. has asked permission to give out $13.5 million to its employees as bonuses while it is currently under Chapter 11 bankruptcy protection in order to entice skilled employees to stay with the company.

According to the photography company, it is specifically targeting employees with valuable knowledge and skills that will help the company emerge from bankruptcy. At least 119 middle managers would share $8.5 million in bonuses.

The court filing states that many of the employees at Kodak have seen significant pay cuts while their work loads have increased. To keep their employees from taking attractive offers from competitors, Kodak wants to give out bonuses roughly 35 to 50 percent of the employees’ base salaries.

If your business is struggling to financially and you are considering filing for bankruptcy, contact the bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 to learn about your options.

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