Quote Originally Posted by kb3lms View Post
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...
As usual, nobody reads the complete thread before posting. Also, you've confirmed that non-US people aren't the only ones who need educating on how things work here.

Please see post #37 above:


For virtually every US corporation that still offers retiree medical benefits, and not many are left, there's no reason to declare bankruptcy in order to terminate those benefits. It's simply a matter of announcing same. No further obligation to current retirees or those now on the payroll. None.

The only reason Kodak had to ask permission is that, in Chapter 11, it needs permission from the court for everything. In normal circumstances, this would have been a routine communication to those affected -- benefits gone. There's no legal precedent involved.