IN BRIEF
HERSHEY — The Hershey Co. has won approval to tear down part of the chocolate factory built by founder Milton Hershey following the shifting of production across town.
The Derry Township Design Review Board on Monday approved the chocolate maker's plan to tear down much of the East Chocolate Avenue building, leaving behind the iconic smokestacks and bushes that spell out “Hershey Cocoa.”
Hershey shut down production at the plant earlier this year as it started up lines at a $750 million expansion of a plant in West Hershey. The company plans to renovate part of the remaining building and turn it into office space.
Previously approved demolition has already begun at the site.
ROCHESTER, N.Y. — A bankruptcy court judge will allow Eastman Kodak Co. to end retiree health benefits at the end of the year as part of its restructuring.In his ruling Monday, U.S. Bankruptcy Court Judge Allan Gropper called the move fair and reasonable.The Rochester-based photography company reached an agreement last month with a court-appointed committee of retirees to eliminate its current $1.2 billion liability for medical, life insurance and survivor benefits. In exchange, Kodak will pay a total of $650 million in claims and $7.5 million in cash into a fund to be used for future payments.A statement from Kodak on Monday says the agreement will reduce one of the company's biggest legacy liabilities and marks a major and necessary step toward its emergence from Chapter 11 bankruptcy protection.
BREA, Calif. — American Suzuki Motor Corp. on Monday filed for Chapter 11 bankruptcy protection and said it will cease selling automobiles in the U.S. as part of a plan to restructure its business.The company, based in Brea, Calif., is the sole distributor of Suzuki Motor Co. vehicles in the continental U.S.In documents filed with the U.S. Bankruptcy Court in the Central District of California, the company estimated that its debts and liabilities range from at least $100 million to as much as $500 million.American Suzuki Motor said it has enough cash to operate during the restructuring and intends to honor all car warranties and buyback agreements.Once it exits bankruptcy protection, American Suzuki Motor said it will focus on selling Suzuki motorcycles, all-terrain vehicles and marine outboard engines.It said that it is exiting the car business because of slow sales, unfavorable foreign exchange rates and high costs due to U.S. regulatory requirements.The bankruptcy and reorganization are unrelated to its parent Japan-based Suzuki Motor Corp., which intends to buy the American subsidiary's remaining businesses and automotive service operation.The reorganized company will retain the American Suzuki Motor name, the company said.
