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From: Glenn Petersen12/18/2011 9:46:13 PM
   of 451
 
Kodak's financing plans faces obstacles: report

NEW YORK | Sun Dec 18, 2011 8:43pm EST

NEW YORK (Reuters) - Hedge funds that have been in discussions with Eastman Kodak Co ( EK.N) to help shore up the company's cash position, have cut the amount they are willing to finance, the Wall Street Journal reported on Sunday.

The 131-year old company has been in talks for new financing with a consortium of hedge funds including Cerberus Capital Management LP and Highbridge Capital Management LLC, the report said.

While discussions originally centered on a package of about $900 million, the hedge funds recently cut the amount they are willing to provide to somewhere between $600 million and $700 million, the WSJ said, citing people familiar with the matter.

The report said that might not be enough to meet the company's needs.

Kodak has been trying to sell is portfolio of 1,100 digital patents since August with the help of investment bank Lazard Ltd ( LAZ.N).

While the company is looking at other means of raising cash, unless Kodak closes on the patent sale or gets a large enough amount of bridge financing in coming weeks, it could seek bankruptcy protection during the first few months of next year, the report said.

Kodak had $862 million in cash at the end of September, down from $1.4 billion a year earlier.

(Reporting By Nadia Damouni; Editing by Matt Driskill)

reuters.com

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To: Glenn Petersen who wrote (412)12/18/2011 10:25:28 PM
From: nicmar
   of 451
 
Good post. But where do you think EK is going? $.025 or $0.80 up? mo.. nic

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To: nicmar who wrote (413)12/19/2011 11:00:51 AM
From: Glenn Petersen
   of 451
 
I don't have a clue. The outcome is probably dependent on the ability of the current management group to adapt. On that basis, the outlook is not positive.

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From: Glenn Petersen12/23/2011 10:03:48 AM
   of 451
 
Kodak Reshuffles Decks

By DANA MATTIOLI and DREW FITZGERALD
Wall Street Journal
December 23, 2011

Eastman Kodak Co. reshuffled its decks Thursday, promoting its general counsel to president and selling off a 194-year-old business that made gelatin.

The moves appeared to be a welcome boost for Kodak shares, which moved 20% higher in after-hours trading.

But they also highlighted the straits at the Rochester, N.Y.-based company, as it races to find fresh financing amid a steep decline in the value of its stock and bonds.

One key path for 131-year-old Kodak is selling off its portfolio of intellectual property, which might bring in hundreds of millions of dollars to invest in Kodak's product lines, which are largely printers.

Late Thursday, Kodak said it was promoting general counsel Laura Quatela to president. Ms. Quatela, who joined Kodak in 1999, has been responsible for monetizing Kodak's intellectual property since 2008.

The 54-year-old Ms. Quatela will begin serving as president alongside current president Phil Faraci, who has been in the role since 2007. Both will report to Chief Executive Antonio Perez.

Ms. Quatela's role in the company has grown as Kodak's fortunes declined. The same year she became head of intellectual property, Kodak created a goal to generate between $250 million and $350 million a year in patent licensing.

Under Ms. Quatela's leadership, Kodak struck a $550 million licensing deal with Samsung Electronics Co. and a $400 million deal with LG Electronics Inc., as well as a number of other deals that have been a big factor in keeping the company afloat.

Since August, her role has become even more vital as Kodak began an effort to sell 1,100 of its digital patents. Ms. Quatela has appeared alongside Mr. Perez in company town halls, updating employees about Kodak's patent sale efforts.

The company and its restructuring advisers have been aggressively looking to shed assets.

Kodak said it was selling off its Eastman Gelatine Corp. business to Rousselot, part of Vion Food Group for an undisclosed sum.

The Kodak subsidiary dates back to 1817 and makes gelatin for printing, imaging, food and pharmaceutical purposes
. Kodak bought the company, at one time named The American Glue Company, in 1930 when its film business was thriving. As film sales started to wane, the company branched out more aggressively into other areas like food and pharmaceuticals.

The sale also includes a 575,000-square-foot production facility in Peabody, Mass., where the company makes gelatin made from cattle bones.

Kodak warned last month that if it isn't able to close on a patent deal or raise rescue financing over the next 12 months it may not be able to remain in business.

Write toDana Mattioli at dana.mattioli@wsj.com and Drew FitzGerald at andrew.fitzgerald@dowjones.com

online.wsj.com

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From: Glenn Petersen1/4/2012 2:04:32 PM
1 Recommendation   of 451
 
The WSJ is reporting the breaking news that, "Kodak is preparing for a Chapter 11 bankruptcy-protection filing in the coming weeks should efforts to sell a trove of digital patents fail."

Edit - The actual story:

online.wsj.com

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From: Glenn Petersen1/12/2012 10:08:05 PM
   of 451
 
Kodak eyes bankruptcy cash from Citigroup: report

Thu Jan 12, 2012 9:18pm EST (Reuters) -

Eastman Kodak Co ( EK.N) is in advanced talks with Citigroup Inc ( C.N) to obtain financing that would be used if the money-losing photography company files for bankruptcy protection, Bloomberg News said on Thursday, citing three people familiar with the matter.

Advisers to Kodak are also lining up a "stalking horse" that would become the lead bidder for a patent portfolio should it be auctioned via the Chapter 11 process, the newswire said, citing one of the people.

Neither Kodak nor Citigroup immediately responded to requests for comment.

Shares of Kodak fell 7.2 cents to 60 cents in after-hours trading following the report. They had closed regular trading down 14.3 cents, or 17.5 percent, at 67.2 cents.

Kodak has been left behind by rivals that embraced digital camera technology faster.

The Rochester, New York-based company is trying to raise cash by selling a large patent portfolio, a sale that could enable it to avoid bankruptcy.

It also has patent litigation against such companies as Apple Inc ( AAPL.O), Taiwan's HTC Corp ( 2498.TW) and BlackBerry maker Research in Motion Ltd ( RIM.TO) ( RIMM.O), which if successful could boost the value of its patents.

On Tuesday, Kodak restructured its business operations, but it was unclear whether this would be enough to restore the company's health sufficiently fast.

According to published reports, Kodak may file for Chapter 11 protection by early February, and seek about $1 billion of debtor-in-possession financing to keep it operating while in bankruptcy.

The company is scheduled to report fourth-quarter results on January 26.

(Reporting by Jonathan Stempel in New York; Editing by Richard Chang)

reuters.com

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From: Sr K1/19/2012 12:47:50 AM
   of 451
 
Kodak Files for Bankruptcy in New York

By Joe Schneider - Jan 19, 2012 12:17 AM ET

bloomberg.com

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To: Sr K who wrote (418)1/19/2012 2:23:20 AM
From: Stoctrash
   of 451
 
Kaboom.....poof.....bye bye EK common.

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From: Sr K1/20/2012 8:57:54 PM
   of 451
 
kodaktransforms.com

EKDKQ Eastman Kodak Co.
Common Stock OTCQB

.313

Real-Time Best Bid & Ask0.3135 / 0.3148 (30000 x 5000)

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To: Sr K who wrote (420)1/23/2012 10:11:25 AM
From: Stoctrash
   of 451
 
yeah.....a pinky now.
Patent portfolio will be interesting.....

fwiw...As parting gifts I've heard many long time employees got equip & patents they worked on while they were there...,,,.what is left I have no clue.



google.com

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