Kodak filed for Chapter 11 bankruptcy protection in 2012 [clothing]
In a prepared statement, Kodak CEO Antonio M. Perez called the decision a critically important step in the bankruptcy process. "Next, we move on to emergence as a technology leader serving large and growing'mercial imaging markets — such as'mercial printing, packaging, functional printing and professional services — with a leaner structure and a stronger balance sheet."There are additional transactional steps ahead as we'plete our Chapter 11 restructuring," Perez said in the statement, "but with the court's decision today, our emergence is now imminent."But for many of the people who became collateral damage in the bankruptcy, such as Kodak creditors, retirees and shareholders, Tuesday was undoubtedly not a day of celebration.
"Many are losing their retirement benefits," U.S. Bankruptcy Court Judge Allan Gropper said as he approved Kodak's turnaround plan. "Many are finding their recovery as a creditor is just a minute fraction of what their debt is from Kodak. Kodak's decline and bankruptcy is a tragedy of American economic life."Kodak tentatively hopes to exit bankruptcy Sept. 3. "Closing is'plicated, but we're cautiously optimistic," said Andrew Dietderich, an attorney with Kodak's legal counsel, Sullivan & Cromwell.Kodak filed for Chapter 11 bankruptcy protection in January 2012 with the goals of shoring up its sagging finances, selling off non-strategic intellectual property, wrapping up legacy expenses such as its British pension fund shortfall and refocusing the'pany on only the most valuable of its lines of business, Dietderich said.
Tuesday, he told the court, "Kodak is a different'pany than the one in popular imagination and a very different one than the one that filed for bankruptcy."Kodak came into Tuesday's U.S. Bankruptcy Court hearing with sizable momentum. Last week, the'pany announced that a majority of its various creditors had signed off on the'pany's turnaround plan. The official'mittee representing unsecured creditors also is backing the plan.
This is my favorite article:With the help of a $9,000 grant from AT&T of Nevada
"Many are losing their retirement benefits," U.S. Bankruptcy Court Judge Allan Gropper said as he approved Kodak's turnaround plan. "Many are finding their recovery as a creditor is just a minute fraction of what their debt is from Kodak. Kodak's decline and bankruptcy is a tragedy of American economic life."Kodak tentatively hopes to exit bankruptcy Sept. 3. "Closing is'plicated, but we're cautiously optimistic," said Andrew Dietderich, an attorney with Kodak's legal counsel, Sullivan & Cromwell.Kodak filed for Chapter 11 bankruptcy protection in January 2012 with the goals of shoring up its sagging finances, selling off non-strategic intellectual property, wrapping up legacy expenses such as its British pension fund shortfall and refocusing the'pany on only the most valuable of its lines of business, Dietderich said.
Tuesday, he told the court, "Kodak is a different'pany than the one in popular imagination and a very different one than the one that filed for bankruptcy."Kodak came into Tuesday's U.S. Bankruptcy Court hearing with sizable momentum. Last week, the'pany announced that a majority of its various creditors had signed off on the'pany's turnaround plan. The official'mittee representing unsecured creditors also is backing the plan.
This is my favorite article:With the help of a $9,000 grant from AT&T of Nevada
2013-08-21 16:02
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