Friday, October 24, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
HP Broadens Moonshot Portfolio With Intel-powered Models
Microsoft To Keep Nokia Brand For Low-end Smartphones
LG Introduces Its First Octa-Core Application Processor
Cloud and Surface 3 Drive Microsoft's Revenue
Micron Urges Investors To Reject TRC Capital's Unsolicited Tender Offer
Facebook Returns To Chat Roots With Rooms App
Sony SmartWatch 3 And LG G Watch R Are Rolling Out With Updated Android Wear Software
New Nvidia Driver Enable DSR On Older Graphics Cards
Active Discussions
Copied dvd's say blank in computer only
How to generate lots of different CDs quickly
Yamaha CRW-F1UX
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
 Home > News > Digital Cameras > Kodak S...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, June 19, 2013
Kodak Seeks Approval for $406 Million Rights Offering


Eastman Kodak today announced that, subject to Court approval, key creditors have agreed to backstop a $406 million rights offering for common stock in the company upon its emergence from Chapter 11.

Kodak expects to use the proceeds of the rights offering to fund distributions under Kodak's revised plan of reorganization, including the repayment of its second lien creditors, who will no longer receive equity in the plan.

The proposed rights offering permits Kodak to offer its creditors up to 34,000,000 shares of common stock for the per share purchase price of $11.94, equivalent to approximately 85% of the equity of Kodak upon emergence. The mechanics of the offering will be detailed in full in the relevant Court filings. The creditors proposing the backstop commitment are GSO Capital Partners, BlueMountain Capital, George Karfunkel, United Equities Group and Contrarian Capital.

"Attracting this additional funding is a strong vote of confidence in both Kodak's Plan of Reorganization and in the actions we have taken during our restructuring to create a solid future for our company," said Antonio M. Perez, Kodak?s Chairman and Chief Executive Officer. "This agreement, which serves as a critical component of the capital structure for the emerging Kodak, positions us to comprehensively settle our obligations with our various key creditor constituencies."

Kodak has filed a motion to approve the backstop commitment with the U.S. Bankruptcy Court for the Southern District of New York, which is scheduled to be heard on June 25, 2013, at the same hearing as Kodak?s motion to approve its Amended Disclosure Statement. Kodak also filed today an Amended Plan of Reorganization. In the coming days, Kodak intends to file a proposed Order regarding the Rights Offering Procedures and an Amended Disclosure Statement describing its Amended Plan. All of these are subject to Court approval.


Previous
Next
ECS Reveals Motherboard With AMD Kabini SoC        All News        Sony Pulls Faulty Firmware For PlayStation 3
Kodak, Major Financial Institutions Agree to Arrange Exit Financing Package     Digital Cameras News      Samsung Announces Slim Fisheye Lens For NX System

Get RSS feed Easy Print E-Mail this Message

Related News
Kodak Emerges From Bankruptcy Focused on Imaging for Business
Judge Approves Kodak Plan to Exit Bankruptcy
Kodak, Major Financial Institutions Agree to Arrange Exit Financing Package
Kodak Positioned to Emerge from Bankruptcy in the Third Quarter
Kodak Posts First Quarter Profit
Kodak To Sell Document Imaging Business to Brother
Kodak Completes $527 Million Sale Of Digital Imaging Patents
Court Approves Kodak's $525 Patent Sale Plan To Consortium
Kodak Sells Patents For $525 Million
Apple and Google To Jointly Bid For Kodak Patents
Kodak Accepts Improved Financing
Kodak To Borrow $793 Million

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .