Regarding the funding of health care plans by Kodak I think there is a half-glass situation here. Kodak is in any case not going to provide all the "promised" funds and as far as I can gather did not have a strict juridical obligation either. Agreeing to settle for half the amount leaves half glass on the table but secures the other half glass which would otherwise be quite at risk. Other classes of creditors will end up probably being treated worse.
Overall the half-glass compromise seems to me fairly advantageous for Kodak retirees / employees and I wouldn't consider it a bad news. I am actually surprised that an engagement which was, as said, not legally binding can make a dent on the rights of the other creditors.