Kodak in $650m deal with UK pension fund over deficit Steven Ross, KPP chairman, said: "It is by far the best settlement that was available to us. The benefits will be significantly better for members than if they had gone to the PPF. Under the plan, the KPP intends to use the cash generated by the businesses to help close the fund's deficit. Should the healthier parts of the businesses expand in coming years, KPP could also sell them to fund its obligations. Mr Ross declined to say how much lower the benefits will be for members, who will vote on whether to join the new pension fund in coming weeks. The UK Pensions Regulator has approved the deal. Antonio Perez, chairman and chief executive of Kodak, said that in one transaction the company would divest the businesses and "settle its largest legacy liability," calling it an "extraordinary result." John Ralfe, a pensions consultant, said: "This is a landmark deal for the UK Pensions Regulator, but as always the devil is in the detail. I hope this is a genuinely better alternative. Kodak, a pioneering photographic company, entered bankruptcy last year. Soon afterwards it announced that it was phasing out making cameras after more than a century. The firm had struggled to adapt to the latest developments in digital camera technology. The deal must still be approved by the US bankruptcy court.