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News Breaks | | | | November 28, 2012 | | 18:17 EDT |  | EKDKQ | Eastman Kodak accepts new financing totaling $830M
Eastman Kodak Company announced that it has received and accepted an offer from the steering committee of the second lien noteholders committee for interim and exit financing totaling $830M in loans. The commitment replaces the $793M commitment announced by the company on November 12. The financing includes new money term loans of $455M, as well as term loans of up to $375M issued to holders of senior secured notes participating in the new money loans in a dollar-for-dollar exchange for amounts outstanding under the company's pre-petition second lien notes. The financing is predicated on certain conditions, including the successful completion of the sale of Kodak's digital imaging patent portfolio for no less than $500M. | |
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| June 19, 2013 | | 05:12 EDT | | EKDKQ | Kodak seeks approval for $406M rights offering
Eastman Kodak announced that, subject to Court approval, key creditors have agreed to backstop a $406M rights offering for common stock in the company upon its emergence from Chapter 11. Kodak expects to use the proceeds of the rights offering to fund distributions under Kodak’s revised Plan of Reorganization, including the repayment of its second lien creditors, who will no longer receive equity in the Plan. The proposed rights offering permits Kodak to offer its creditors up to 34M shares of common stock for the per share purchase price of $11.94, equivalent to approximately 85% of the equity of Kodak upon emergence. The mechanics of the offering will be detailed in full in the relevant Court filings. The creditors proposing the backstop commitment are GSO Capital Partners, BlueMountain Capital, George Karfunkel, United Equities Group and Contrarian Capital. | |
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