Kodak Explores Tapping Pension Fund’s $1.2 Billion Surplus (3)

Eastman Kodak Co. is contemplating a move to unlock gains created by its overfunded pension system, according to people with knowledge of the matter.

The company is weighing a so-called pension reversion, which would enable it to take control of the surplus rather than leaving excess capital to current and future retirees, said the people, all of whom requested anonymity to discuss confidential information. The maneuver would involve selling its portfolio of illiquid investments while liquidating other positions, the people said.

Kodak on Friday confirmed that the company, with the pension plan’s committee, “has been exploring how best to preserve ...