Tuesday, June 30, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Google Loses Appeal In Case Against Oracle
Google Search Is Favoring The company's Own Services: researchers
Nokia, SKT Team Up On 5G Research
Samsung Has Sold 1 mln Units Of The Z1 Tizen Smartphone
Samsung To Exit The HDD Business
Samsung to Stop blocking Windows Update With New Software
Apple Brings Force Touch Feature To New iPhones
Sony PlayStation Vue Will Soon Not Require A Game Console
Active Discussions
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 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 Finalizes Agreements With Hollywood Studios
KODAK IM5 Smartphone Is Official
Kodak To Debut Android Mobile Devices at CES 2015
Kodak Returns To CES With Consumer Product Line
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

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .