Daily News: January 26, 2012

Kodak Retains New CRO, Adds to Creditor Committee


Eastman Kodak Co. announced that it has retained James A. Mesterharm of AlixPartners as chief restructuring officer as of January 23, 2012, replacing Dominic DiNapoli in that role.

AlixPartners will be the company’s restructuring adviser during the reorganization process, leveraging AlixPartners’ knowledge of the company based on its pre-existing operational enhancement advisory engagement with the company over the past several months. FTI Consulting is expected to continue to work on certain post-petition matters alongside AlixPartners.

Separately, a Bloomberg article reported that Wal-Mart Stores and the Pension Benefit Guaranty Corp. (PBGC) were named to the company’s unsecured creditors committee, along with Sony Pictures Entertainment, and four other companies.

Wal-Mart’s claim against Kodak amounts to approximately $11.4 million, court documents said. PBGC is part of the committee to protect pension plans.

Bloomberg also reported that Kodak wants to decrease the discount it is offering to sell on its $700 million debtor-in-possession (DIP) term loan. The article noted that the loan will be sold at 98 cents on the dollar compared to the 97 cents to 97.5 cents that was in the original agreement.

To read the Bloomberg/BusinessWeek article in its entirety, click here.

Previously on abfjournal.com:

Court Approves $650 Million DIP Financing for Kodak, Friday, January 20, 2012