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Kodak

Eastmanbusinesspark.com

New York State and Kodak have announced an agreement they believe will enhance economic development at Eastman Business Park.

The agreement includes having Kodak set aside $49 million in a trust fund with the state, to help deal with any environmental issues that might crop up.

(Reuters & WXXI) - Eastman Kodak Co on Tuesday said it will seek court approval for a $406 million rights offering that could give creditors a big equity stake in the company after it emerges from Chapter 11 bankruptcy protection.

Kodak said creditors agreed to backstop an offering that would let the Rochester, New York-based company issue 34 million common shares at $11.94 each, equal to about 85 percent of the equity of a reorganized company.

Kodak to Exit Bankruptcy as Early as July

May 1, 2013

Kodak expects to emerge from bankruptcy as early as July according to the company’s reorganization plan filed late Tuesday.

The 78-page document filed with the US Bankruptcy Court, states the company expects to issue new stock to some of its creditors for almost $3 billion of unsecured debt. But under this plan, current shareholders would see their stock become worthless. 

Analyst George Conboy, President of Brighton Securities says that’s pretty standard for a company in Kodak’s position.

New Kodak Partnership to Create Jobs

Apr 16, 2013
UniPlex.com

Kodak has struck up a deal that will see up to 70 jobs created in Rochester. The company has entered a deal to manufacture and supply touch sensors for Texas-based company UniPixel.

The agreement will see Kodak and UniPixel open a new manufacturing facility in Eastman Business Park later this year, with $24 million set aside to improve and equip the 100,000 square foot facility.

Kodak to Sell Document Imaging Business

Apr 15, 2013
WXXI Public Broadcasting

Kodak looks set to sell its document imaging business for $210 million. The company has reached a tentative deal with Brother Industries that would see them take over operation of the portfolio of scanners, capture software and services.

In addition, Japan-based Brother would also assume the business’ deferred service revenue liability which totaled approximately $67 million at the end of 2012.

Kodak to Look for New Board Directors

Mar 5, 2013
WXXI Public Broadcasting

Kodak will look for new directors of the Board of Directors as part of its reorganization plan expected to be filed in April.

The company announced Friday that, along with committees of investors, it will jointly hire a firm to begin identifying new directors.

Analyst T.C Lewis says Kodak will come out of bankruptcy a shadow of the company it once was, and the board and management team will have to reflect the needs of that smaller operation.

Lewis says even CEO Antonio Perez’s position may need to be re-thought.

Kodak Wants More Time

Jan 28, 2013
David Duprey, AP

Kodak has filed a request for yet another extension on the deadline for their re-organization plan outlining their exit from bankruptcy.

Currently the company is required to file a chapter 11 plan by February 15th with the US Bankruptcy Court, but they are reportedly looking to extend that deadline to April 30.

A statement from Kodak says that while the company has asked for an extension, their plan to exit bankruptcy by mid 2013 remains.

Kodak Receives Court Approval for Financing Deal

Jan 23, 2013
WXXI Public Broadcasting

The U.S Bankruptcy Court has approved Kodak’s previously announced financing deal, authorizing the company to borrow up to $844 million from investors.

The deal was contingent upon a number of things, including the sale of the company’s imaging patent portfolio for no less than $500 million, a condition recently met by Kodak.

Kodak spokesperson Krista Gleason says the company is not out of the woods yet, but they are well on their way to exiting bankruptcy on schedule, by the first half of this year.

Kodak Name Will Be Back On Cameras, Under License

Jan 7, 2013
License Some rights reserved by The Shaun Woods / Creative Commons License

Kodak may no longer be making digital cameras but the company has reached an agreement to lend its name to another company’s products.

A multi-year agreement will see the Kodak brand name on various digital cameras, pocket video cameras, and portable projectors made by JK Imaging.

Apple and Google Partner to Buy Kodak's Patents

Dec 8, 2012
www.kodak.com

Bloomberg business news is reporting that two tech rivals will join forces to buy Kodak's digital imaging patents.

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