Posts Tagged ‘bankruptcy’

Kodak may exit bankruptcy and continue as a commercial printing company

Kodak film is dead Kodak may exit bankruptcy and continue as a commercial printing company

Bloomberg reports that Eastman Kodak have arranged $793 million in financing in order to exit from bankruptcy and continue as a commercial printing company. One of the condition for the funding is the sell of Kodak’s patents for $500 million.

 

Here is the press release:

Kodak Agrees to $793 Million in Interim and Exit Financing
Agreement with Centerbridge, GSO, UBS and JPMorgan Sets Kodak’s Path to Emergence from Chapter 11 in the First Half of 2013

ROCHESTER, N.Y., November 12 – Eastman Kodak Company announced today that it has entered into a commitment letter to secure $793 million in Junior Debtor-in-Possession Financing with Centerbridge Partners, L.P., GSO Capital Partners LP, UBS and JPMorgan Chase & Co. to provide the company with additional case financing and establishes the ability to convert a substantial part of the facility into exit financing, enhancing its liquidity and securing a major component of the company’s exit capital structure. This financing is a key element in the steps to enable the company to successfully execute its remaining reorganization objectives and emerge from Chapter 11 in the first half of 2013.

Read more on PhotoRumors.com: http://photorumors.com/2012/11/12/kodak-may-exit-bankruptcy-and-continue-as-a-commercial-printing-company/#ixzz2CHEcIYhK

Kodak reports loss of $312 million

It seems like Kodak is having a hard time figuring out how to getting its finances back in the black. Kodak has announced its 3rd quarter financial results, and the numbers aren’t pretty — they’re downright ugly, actually. Despite raking in $1 billion over the three-month period ending in September (down 19% from the same period last year), the company still posted a net loss of $312 million (up from a loss of $222M during the same period last year).

The Bleeding Continues: Kodak Reports Loss of $312 Million bleeding

The company is currently trying hard to shed weight in its attempt to climb out of bankruptcy, selling off many of its longtime businesses (e.g. camerasfilmonline printing) in order to emerge at the end as a commercial printing company.

To put the 3-month loss of $312M in perspective: when Kodak sold its Gallery business and its 75M users to Shutterfly earlier this year, the price was only $23.8 million. The company burned through the money it made through that deal in less than a week.

 
Read more at http://www.petapixel.com/2012/10/31/the-bleeding-continues-kodak-reports-loss-of-312-million/#GQimisXKZyxjfbBO.99