Thu November 15, 2012
Kodak Given More Time to Reorganize
Kodak has been awarded a 6 week extension to file their reorganization plan, that would enable the company to exit bankruptcy.
The previous deadline was slated for January 19.
But, US bankruptcy court Judge Allan Gropper approved Kodak's extension, granting them exclusive rights to propose a plan until February 28.
A group of bondholders filed an objection to the extension in court Monday, saying they have lost faith in management.
The group claimed Kodak has been burning through money at a fast rate.
However, Kodak announced Monday that they have reached a deal with a separate group of investors for $793 million in loans.