Kodak Receives Final Approval to Make Bankruptcy Emergence
by Joel R. Glucksman on September 5, 2013
Photography pioneer Eastman Kodak Co. has experienced a rough 19 months after seeking Chapter 11 bankruptcy protection of the U.S. Bankruptcy Code. However, it appears that the company is well on its way to emerging from bankruptcy protection and entering the commercial and packaging printing market, as a bankruptcy court recently approved its reorganization plan.
U.S. Bankruptcy Judge Allan Gropper gave the final seal of approval to Kodak, ensuring that it will encounter no more legal hurdles as it seeks to transform itself into a new company. The previous week, a number of retirees, shareholders, and other parties objected to the plan, arguing that they should be entitled to assets in exchange for their stock. However, Judge Gropper reiterated his previous ruling, which allowed for the company's creditors to receive 4 to 5 cents on the dollar for their investments, and that they're entitled to be paid prior to shareholders. Despite his ruling, Gropper acknowledged that many parties involved in the bankruptcy will not benefit from the proceedings.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.