Kodak granted extension to pull together rescue plan

Nov 14, 2012
Originally published on November 14, 2012 4:47 pm

A judge in the U.S. Bankruptcy Court in Manhattan has approved a motion that gives Eastman Kodak a six-week extension to a deadline for presenting its reorganization plan. 

The ruling gives Kodak until February 28th to put forward its proposal, an extension of the previous deadline of January 15th.

On Monday, Kodak announced that it had signed an agreement for $793 million in finance from a group of bondholders including J.P. Morgan Securities and Centerbridge Partners LP.

A written objection filed by another group of bondholders accused Kodak of "squandering" the 10 months of bankruptcy protection.

The group said it had "lost faith" in Kodak's current management team to engineer a solution and asked the court to allow the period of exclusion for outside bids to expire.

Fore more detail on the story go here. 

Copyright 2012 WXXI Public Broadcasting. To see more, visit http://www.wxxi.org/.