I'm sure Kodak has had to make the business terms with the UK Pension Fund pretty sweet, else the UK pension regulators will veto it. Kodak owes so much to the pension fund ($2.9 billion) that they probably have to do some deal of this sort or liquidate. The pension fund woudn't get the $2.9 billion in a liquidation, and the UK pension insurance fund would be left holding the basket, and it would leave that insurance fund broke. The pension fund is clearly a rather "senior" claimant on Kodak's assets, presumably due to UK laws.

So the sales of still picture film to the new UK pension fund company may well be very close to marginal cost, rather than average cost. That'd good for the cost structure of the still picture film company.

Nobody will ever replace Building 38 somewhere else, there's no way to get a positive return on investment on a new film coating plant.

Kodak doesn't want to sell Building 38 because something like 75 to 90% of it's sales are through Eastman to the movie industry. Their volume is falling due to digital projection (much less demand for print film), but they still want camera negative film, and they desperately want archive film, since they know that they can't store all their movie bits in digital form forever.

As for Ilford's receivership experience, it was primarily due to union contracts with a no-layoff provision. Going through receivership ended those terms. They are now right-sized from a manpower point of view.

Kodak doesn't have that problem, having always been a non-union company. But they were a non-union company by paying high salaries and having generous benefits, including "defined benefit" pension plans. Defined benefit pension plans are almost non-existent in the US outside local governments and (maybe) some of the auto industry. The ERISA regulations to make them safely funded made them so expensive that they caused them to be eliminated by the companies.

Having the new Kodak still film business based in Europe might lead to the limited re-release of E-6 films, since they are where the remaining market is, particularly in Germany.

But the new film business needs a new distribution strategy, the old one was based on having flim available everywhere, now they need to focus on efficient high-volume retailers. (Having more retail sales outlets than their competitors was how Kodak got to be a monopoly in the 1900 to 1960 era. Wholesale prices of film were fixed for all customers, meaning that every souvenir shop could carry Kodak film and not worry about being under-cut.)