Yes, it is. As a legal precedent this is going to allow other companies to do the same thing and bail out of their health care costs by declaring bankruptcy. Then, it's a small step to make that move to keep out of bankruptcy and then one more small step to not offer it at all. While I am vary glad for the health care coverage that my current employer provides, I also know very well that they would ditch that expense in a heartbeat if they think they could get away with it. And given the grossly inflated costs of health care I can hardly blame them.
... a very scary precedent for more than just the Kodak retirees who have just been screwed.