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Kodak Returns To Bankruptcy Court In NYC

Eastman Kodak is steps away from bankruptcy emergence. If the judge approves several key issues Monday, it will mean creditors can vote on Kodak's emergence plan.
Eastman Kodak is steps away from bankruptcy emergence. If the judge approves several key issues Monday, it will mean creditors can vote on Kodak's emergence plan.

Kodak's emergence plan and disclosure statement filed at the end of April has drawn numerous objections from the U.S.Trustee to creditors. Since then Kodak says it has worked with creditors to build a consensus on its plan and disclosure. The amended plan will provide second lien holders cash enhance what secure creditors will receive and speed up emergence. The judge not only has to consider if Kodak's disclosure statement is strong enough to move forward to a vote. He will also consider a plan to offer creditors 34 million shares of new common stock that could raise $406 million. It would give them more than an 80-percent share in the new Kodak.

If the judge approves these issues, creditors would have to vote on Kodak's emergence plan by August 9th. It would then go to the court for approval.
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