Bondholder's August Disclosure Presentation clearly shows that Kodak has met its EBITDA targets and will generate +ve EBITDA starting from 2011-2H.
It looks like Kodak will emerge bankruptcy with or without the sale of its patent portfolios.
With no bankruptcy, Kodak should trade at $5 or higher, even without the IP sale.
My source of numbers is the 10K and other documents submitted to the SEC. I quote documents, pages and paragraphs. I am not sure what numbers you are looking at or what lense is being used as published numbers are reviewed.
I am not going to be sucked into a name calling or a discussion of a conspiracy involving Lazard, S&C and Kodak amoung others like so many others have been.
I thought a discussion could be had based on published facts, but I guess not. Have fun,it has been an interesting experience trying to deal with the published facts.
"Kodak could easily have borrowed against this and many other properties ALL over the world that are totally UN encumbered."
Can EK-USA borrow, using foreign collateral?
ie, who holds title to foreign collateral, EK-Foreign Sub or EK-USA?
Kodak was NOT required to pay down their revolver.
They had a total of $260 million on it at the end of Q3.
They paid back the entire $160 million they drew down at the end of Q3.
That left the appx. $100 million that was being used as a letter of credit.
I don't CARE how Kodak EDITORIALIZED their situation.
I KNOW what happened by LOOKING at the NUMBERS!!!
YOU can believe the BS, just like the situation with the LA Dodgers, or you can UNDERSTAND that Kodak USED ch.11 PROTECTION to fend off a hostile takeover.
LAZARD engineered ALL this!!
Its just a bunch of BS about Kodak NOT being able to fund themselves.
Just look at the property in Harrow London....
Kodak could easily have borrowed against this and many other properties ALL over the world that are totally UN encumbered.
Lazard/Kodak/Sully & Crom DESERVE an OSCAR for this performance!!!!
Clearly there will be zero earnings at 17% GP. CLearly EK is losing 1.2B per year. Clearly EK has difficulty getting trade credit lines. Clearly, 1.3 Billion in Cash reserves is less than a quarter of the cash requirement to survive 12 months.
Tell the bidders to take a hike then reach into their purse and whip out the amount of the DIP draw downs plus interest.
Tell Gropper, 'Thanks for the vacation,we had a swell time but we're going back to work'.
I thought Kodak owes Citibank something like 650 to 950 Million?
so if the patent auction does not fetch this amount can they auction off the worst CEO of 2011 to ruin another company?
Kodak's patents will be SOLD, or there will be a MASSIVE licensing deal with ALL of Android, which would then destroy any reason for Apple/MSFT to try and take over Kodak.
LICENSING does NOT count as a sale of assets, and therefore would NOT require PRIOR court approval.
I dont know about that one, am really hoping for a patent sale.