Breaking News

Gigabyte announces X870 and B850 AORUS STEALTH ICE Samsung Launches Odyssey G6 World’s First 500Hz OLED Gaming Monitor Samsung Galaxy S25 Edge Features New Corning Gorilla Glass Ceramic 2 for Enhanced Durability Razer announces Clio Chair Accessory for Audio Immersion Razer Unveils Ergonomic Gaming Mouse and Keyboard for Gaming on the Go

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

Kodak Seeks Approval for $406 Million Rights Offering

Kodak Seeks Approval for $406 Million Rights Offering

Cameras Jun 19,2013 0

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.

Tags: Kodak
Previous Post
ECS Reveals Motherboard With AMD Kabini SoC
Next Post
Sony Pulls Faulty Firmware For PlayStation 3

Related Posts

  • Kodak Releases Three Ultra Compact Portable Projectors to Play Video from a Mobile Device

  • Kodak Plans to Launch Cryptocurrency Called 'Kodakcoin'

  • KODAK Tablets Launching in Europe

  • Kodak EKTRA Camera-First Smartphone Launches in the United States

  • KODAK PIXPRO Digital Camera And Devices Line Up Announced At CES

  • Kodak Releases The KODAKEKTRA Smartphone Camera Hybrid

  • Kodak Launches Super 8 Filmmaking Revival Initiative

  • Kodak Finalizes Agreements With Hollywood Studios

Latest News

Gigabyte announces X870 and B850 AORUS STEALTH ICE
PC components

Gigabyte announces X870 and B850 AORUS STEALTH ICE

Samsung Launches Odyssey G6 World’s First 500Hz OLED Gaming Monitor
Gaming

Samsung Launches Odyssey G6 World’s First 500Hz OLED Gaming Monitor

Samsung Galaxy S25 Edge Features New Corning Gorilla Glass Ceramic 2 for Enhanced Durability
Smartphones

Samsung Galaxy S25 Edge Features New Corning Gorilla Glass Ceramic 2 for Enhanced Durability

Razer announces Clio Chair Accessory for Audio Immersion
Consumer Electronics

Razer announces Clio Chair Accessory for Audio Immersion

Razer Unveils Ergonomic Gaming Mouse and Keyboard for Gaming on the Go
PC components

Razer Unveils Ergonomic Gaming Mouse and Keyboard for Gaming on the Go

Popular Reviews

be quiet! Light Loop 360mm

be quiet! Light Loop 360mm

be quiet! Dark Rock 5

be quiet! Dark Rock 5

G.skill Trident Z5 Neo RGB DDR5-6000 64GB CL30

G.skill Trident Z5 Neo RGB DDR5-6000 64GB CL30

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

Arctic Liquid Freezer III 420 - 360

Arctic Liquid Freezer III 420 - 360

Crucial Pro OC 32GB DDR5-6000 CL36 White

Crucial Pro OC 32GB DDR5-6000 CL36 White

Crucial T705 2TB NVME White

Crucial T705 2TB NVME White

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed