Eastman Kodak Co. (KODK:US) agreed to commit $49 million to a trust to pay for the cleanup of its Eastman Business Park site and the Genesee River in the area of Rochester, New York, federal prosecutors said.
Accords filed today in U.S. Bankruptcy Court in Manhattan resolve environmental liabilities asserted by the U.S. for cleanup at the Eastman site, a 1,200-acre technology center and industrial complex located in Monroe County, New York, described as Kodak’s principal manufacturing facility, according to Manhattan U.S. Attorney Preet Bharara’s office.
Eastman Business Park has been the site of manufacturing activities that generated a “generation of hazardous waste” as well as the storage of such material, according to the government.
Kodak, based in Rochester, filed for Chapter 11 protection from creditors in January 2012 and emerged from bankruptcy in September 2013. Prosecutors, acting on behalf of the Environmental Protection agency, said Kodak was liable for costs under federal environmental laws covering natural resource damage and the costs of assessment.
The first settlement resolves environmental liabilities at the business park, Bharara’s office said. A second accord resolves liabilities under the federal Superfund law at the Mercury Refining Superfund site, located in Colonie and Guilderland, New York, as well as a site located in Fair Lawn, New Jersey, the U.S. said.
The U.S. also today filed a settlement agreement with Kodak related to the company’s environmental liabilities at New Jersey and New York sites.
The case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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