Eastman Kodak Co. will meet with lenders on July 15 at 1 p.m. in New York to discuss $695 million of loans its seeking for distributions to creditors as part of a reorganization plan, according to a person with knowledge of the transaction.
Eastman Kodak Co., the unprofitable 131-year-old imaging company, adjusted its management structure and created a chief operating office to reduce costs as its sales decline and cash reserves dwindle. The stock soared.
The U.S. Trustee overseeing Eastman Kodak Co.’s bankruptcy was asked to probe the photography pioneer’s patent auction by a New York hedge fund, which said the “unusually secretive” bidding process wasn’t likely to benefit creditors.
Eastman Kodak Co., the photography pioneer that introduced the Brownie Camera more than a century ago, filed for bankruptcy after consumers embraced digital cameras, a technology Kodak invented and failed to commercialize.