Court trustee objects to Kodak exit plan

Aug. 17, 2013 at 12:48 PM

NEW YORK, Aug. 17 (UPI) -- The U.S. Justice Department has filed court papers objecting to large payouts for Eastman Kodak executives when the company exits bankruptcy.

The company has said it would exit bankruptcy by the end of September, USA Today reported Saturday.

The trustee assigned by the Justice Department to monitor the case said in a 21-page document $1.9 million the company expects will be paid to Chief Executive Officer Antonio Perez is not permitted under bankruptcy law adopted in 2005.

The trustee said the company's plan for exiting bankruptcy includes clauses that would protect Kodak executives from future lawsuits.

Kodak is scheduled to make an appearance Tuesday at U.S. Bankruptcy Court in New York.

Related UPI Stories
Latest Headlines
Trending Stories
Russia says missiles aimed at Syria did not land in Iran
Tunisian democracy advocates win Nobel Peace Prize
Captive orca breeding banned at California's SeaWorld
House Majority Leader Kevin McCarthy drops bid for speaker
WikiLeaks offering $50K for video of Afghan hospital bombing