Eastman Kodak reportedly posted its first profit since emerging from bankruptcy protection last year as a pared-down technology company focusing on commercial imaging.
From Eastman Kodak Company’s storied past to its struggles with market forces and Chapter 11, AlixPartners takes us inside how it played a pivotal role in restructuring and splitting apart an iconic company that stands as one of the most innovative, unusual and successful deals ever consummated in the history of cross-border insolvency.
AlixPartners was honored by the TMA, receiving the international non-profit’s Turnaround of the Year-Mega Company award for its work on behalf of Eastman Kodak.
Kodak closed a new five-year $200 million ABL revolver. Together with the previously announced $695 million exit term loan, the company has up to $895 million in exit financing. BofA Merrill, Barclays and J.P. Morgan were joint lead arrangers.
Kodak completed its previously announced $695 million exit and post-emergence term-loan credit facilities. Affiliates of J.P. Morgan, Barclays and BofA Merrill served as joint lead arrangers.
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 bankrupt Eastman Kodak reached agreements with JPMorgan Chase, Bank of America and Barclays for approximately $895 million upon emerging from Chapter 11 protection.
Eastman Kodak announced, 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.
Fox Business News reported that a judge approved changes to Eastman Kodak’s bankruptcy financing that will give the company more flexibility as it continues its pursuit of a Chapter 11 exit plan.
Kodak received approval from the U.S. Bankruptcy Court for the Southern District of New York for the company’s previously announced interim and exit financing commitment, which authorizes Kodak to borrow up to $844 million and emerge from Chapter 11 in mid-2013.