Bloomberg: Kodak Seeks $695MM in Loans
Bloomberg reported that Kodak is seeking $695 million in loans in order to complete its bankruptcy reorganization. The article said the financing will include a six-year, $420 million term loan.
Bloomberg reported that Kodak is seeking $695 million in loans in order to complete its bankruptcy reorganization. The article said the financing will include a six-year, $420 million term loan.
The WSJ reported that Reader’s Digest Association revealed its restructuring plan. The article said that the company will shed circulation that isn’t profitable, and stabilize subscription prices.
The WSJ reported that a Hoover brand owner was the highest bidder at the Oreck bankruptcy auction, squelching the Oreck family’s chance at buying back its namesake vacuum cleaner company.
Reuters reported that LightSquared split its proposed $3 billion exit term loan. Jefferies is arranging a $2 billion first lien loan, while Harbinger Capital Partners will handle the syndication of the $1 billion second lien loan.
Tiger Group’s Remarketing Services Division it will be auctioning a complete bottling plant in Corona, CA previously operated by Bottled Water Media, which filed for Chapter 11 protection in May 2012.
The Reader’s Digest Association announced that the bankruptcy court has confirmed its plan of reorganization and expects to emerge from bankruptcy at the end of July.
Tiger Group Group’s Remarketing Services Division is conducting an online sale of L.A. Reflections, which filed for Chapter 11 protection in March 2012. Bidding is now underway and will close on July 2, 2013.
Bloomberg reported that Mercantile Bancorp filed for bankruptcy protection in Delaware. The article noted the bank’s intention to sell its assets to United Community Bancorp for approximately $22.3 million.
Laura G. Quatela, Kodak president and president of Personalized Imaging, announced her intention to leave Kodak’s consumer segment after the completion of the spin-off of the PI and Document Imaging (DI) businesses to Kodak Pension Plan, the pension plan for U.K. employees.
Reuters reported that a bankruptcy court judge approved a settlement in which government owned Ally Financial will pay $2.1 billion to its bankrupt unit Residential Capital.