Macdonald | Fernandez LLP

MACDONALD | FERNANDEZ LLP


221 Sansome Street
San Francisco, CA 94104
Telephone: (415) 362-0449
Facsimile: (415) 394-5544
914 Thirteenth Street
Modesto, CA 95354
Telephone: (209)549-7949
Facsimile: (209) 236-0172

Monday, May 13, 2013

Kodak Chapter 11 Reorganization Plan Faces Challenges, Requests forAppointment of Retiree and Shareholder Committees

A shareholder in Eastman Kodak Co. has filed a significant objection to the company's chapter 11 reorganization plan, which provides for the effective elimination of the company's stock.  Shareholder Matthew Glassman argues that equity holders need representation in the case and that the reorganization plan “is a blatant attempt to rob both the shareholders and unsecured debt and bond holders of money and shares that are rightfully theirs.” Kodak is also facing challenges by retirees, and the bankruptcy court has set a hearing for June 20, 2013, to consider creating an official committee of retirees in connection with unfunded retirement programs Kodak eliminated when it filed for bankruptcy.  Read more here.

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