Judge approves Kodak bonuses plan

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The Independent Online

A bankruptcy court judge has approved Kodak's plan to pay up to $13.5m (£8.3m) in bonuses to retain key managers as it reorganises under bankruptcy protection.

The camera company said during a hearing in New York that turnover had become a serious problem. Kodak proposed the bonuses last month.

Judge Allan Gropper approved the plan despite an objection because of concerns that Kodak had not been clear in guaranteeing the money would not go to top management insiders such as the chief executive, Antonio Perez.

Kodak responded in a court filing that only non-insiders would get the bonuses.