Kodak Gets Until April 17 to Control Its Chapter 11 Case
From Dow Jones,
" A judge gave Eastman Kodak Co. until April 17 to file a bankruptcy-exit plan without the threat of rival proposals as the company works toward finalizing a restructuring to keep the company viable, if leaner, when it exits Chapter 11.
The approval of Judge Allan L. Gropper of the U.S. Bankruptcy Court in Manhattan came after Kodak 's official committee of unsecured creditors had objected to a longer extension for reasons kept from the public. "
Does it look like another clamped-down by the creditors to force Kodak in receiving the current best offers for the 2 divisions, similar to what happened to the sale of the DI patents?
I think the Judge have been here before. When in BK, its the Stakeholders that have a say when you exit BK. May 31, 2013 may have been what the Counsels for EK wanted but now they have only April 17, 2013 to come out with a plan or else its up to the Unsecured Creditors to say how EK will comes out of BK.
Judge Gropper, IMO, would not have approved a Plan other than what is proposed by EK unless it was better for All concerns.
Now its competition on who can come out with a better deal for EK. Equity may not survive by April 17, 2013 but the Judge is looking out for the best interest for All concerns.
EK has assemble a very good team to help them in BK. They will do the best to find a way for EK to exit BK.
Thanks for posting this info. I think there is more to it than being release to the public. I think the unsecured creditors are being used by some unnamed source to force a play. I don't think its the 2 divisions, I think its EBP that is in play.
Why the Judge sided with the unsecured creditors is a Big Story. Now it only gives EK 45 days rather than 90 to exit BK.
"Why the Judge sided with the unsecured creditors is a Big Story. Now it only gives EK 45 days rather than 90 to exit BK". No, it just keeps them from extending it yet again (and again and again). Keeping them accountable. AP has no plan (other than line his own pockets)