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.
Kodak has sometimes been the leader in business practices and not always for the better. Outsourcing of IT was one of those. IIRC they were the first. It was about a 10 or 12 year step till everyone did it and most of it had moved offshore to someplace like India.
We are seeing another door being opened here.