Kodak is out of bankruptcy protection and will tra

2022-08-12
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Kodak will be transformed into a commercial printing business after leaving bankruptcy protection. Kodak, once a leader in the global photographic equipment industry, filed for bankruptcy protection in January last year because it was unable to cope with the competition in the digital age. After more than a year of struggle, Kodak finally solved the debt of up to $4.1 billion (about 25.1 billion yuan) and got out of bankruptcy protection. In the future, Kodak will transform into a commercial printing company and will no longer sell any products to consumers. On August 21, judge glober of Manhattan bankruptcy court in New York City approved Kodak's exit and reorganization plan. Glober said: on this day, many people lose their power and lack retirement benefits. Many people find that they can only get back a small part of their debts

according to this plan, all secured creditors can get full repayment of their claims. At the same time, the total claims of unsecured creditors are estimated to be $2.2 billion (about 13.5 billion yuan), but they can only get back 4 to 5 cents for every dollar of claims. As for the shareholders of the company, they can't get back a penny. Kodak pointed out that this plan is a comprehensive compromise between the company and creditors

Kodak's shareholder group accused Kodak and bankruptcy management experts of concealing the value of the company, which was rejected by judge glober. He said in court that even if Kodak's value exceeded the amount reported by the company, these residual values would be attributed to unsecured creditors and shareholders would get nothing

Kodak will issue US $406million in new shares. The 85% equity of the new shares will be guaranteed by a creditor group, including GSO capital and blue mountain capital management. Kodak plans to rely on $895million in loans to meet the cash needs of the company to get out of bankruptcy protection. The enterprise value of the new company after restructuring is estimated to be between $785million and $3.08 billion

it is reported that during the bankruptcy protection period, Kodak's photography and printing business, as well as gold lettered signboards with more than a century of history, have been sold or merged, and the funds obtained are used to pay the annuities of retirees

when Kodak was approved to enter the bankruptcy protection period in January last year, there were still 17000 employees. Now, due to the sale and the main idea is to strengthen the connection and cooperation of various departments and aspects, and merge some departments, there are only about 8500 employees left

Kodak's revenue in the last year before bankruptcy (2001) was $7.2 billion, only half of that in 2005. From 2008 to 2011, the total loss of the company exceeded US $7.06 billion

judge glober said: Kodak is one of the most famous enterprises in the United States, and its bankruptcy is a great tragedy of the American economy. Shareholders also suffered heavy losses. Comply with GB, ISO, BS, ASTM, DIN, JIS, cen, en and other domestic and foreign standards

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