February 15, 2012
As we blogged about yesterday, Kodak is in bankruptcy court today where a good amount of information about what this bankruptcy will be like ought to be revealed. The hearing began at 11:00 a.m. and the first news coming out today has been about Apple's request of the court to go forward with patent infringement lawsuits against Kodak. That's an interesting stance - bankruptcy court should not hinder their lawsuit(s) but Apple is asking regardless. They're the 800 lb. Gorilla in the room and they're playing nice. Why? What else do they want from the court?
As I've been writing this post, the hearing has finished. Here are some decisions: DIP financing to be approved, Kodak's name to come off of Hollywood theater, fees for lenders noted (28 million) but DIP docs may be kept under seal, patent sale will pay back DIP.
The Kodak theater not being named the Kodak theater anymore ought to make some headlines. Probably starting to already.
No commentary, as far as we know, about pensions and retirement benefits from this hearing. DIP lenders have helped their case by placing themselves high up, but their position before most everything else was expected and is to our understanding customary. For our community of retirees and employees that means continuing to wait and see.