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.
John N. McMullen has been named EVP and CFO of Kodak, effective June 15, 2014. He succeeds Rebecca A. Roof who has, since September 2012, served as Kodak’s interim CFO while remaining a managing director of AlixPartners.
Reuters reported that a lawyer charged with reviewing advisers’ fees in Eastman Kodak’s bankruptcy approved more than $240 million in bills, in advance of court approval next week.
Simpson Thacher represented affiliates of GSO Capital Partners as the lead backstop, and with the other backstop parties, provided $406 million in connection with financing to permit Kodak’s emergence from bankruptcy.
Kodak Chairman and CEO Antonio M. Perez announced the company’s emergence from Chapter 11 as a reorganized company, following completion of the final steps in the restructuring process.
Kodak said the bankruptcy court confirmed its Plan of Reorganization, which describes the company’s strategy to emerge from Chapter 11. The technology company is set to emerge in early September.
According to Law Firm Newswire, a bankruptcy court judge has approved Kodak’s plan to repay its creditors putting the company one step closer to emerging from Chapter 11.
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.
Kodak outlined its post-emergence executive leadership in supplemental filings to its Plan of Reorganization. Antonio M. Perez will continue as CEO post-emergence for one year or until the board of directors elects his successor, whichever comes first.
The Wall Street Journal reported that Kodak won bankruptcy court approval for a creditor voting extension in order to help the company stay on track to exit Chapter 11 in September.