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Eastman Kodak has won the right to end health and welfare benefits for thousands of retirees.

The beleaguered company won court approval to quit providing benefits for retirees and their dependents Dec. 31 as part of their bankruptcy restructuring. 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.

Kodak currently spends about $10 million a month on such benefits. The company calls the decision “one of the many necessary and critical steps to put the company on a path to emerge as a profitable, sustainable company.”

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