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EASTMAN KODAK CO Message Board

  • kodakbond kodakbond Mar 1, 2013 8:34 PM Flag

    Kodak and Lenders Finalize Terms of Interim and Exit Financing

    Press release from Kodak,

    "As part of the agreement, certain terms of the financing have been amended. Kodak now is committed to achieving at least $600 million in cash proceeds through the disposition of any combination of specified non-Commercial Imaging assets, which include its Document Imaging and Personalized Imaging businesses, and trademarks and related rights..... Kodak anticipates closing the financing in mid to late March, subject to the prior approval of the Bankruptcy Court."

    I shall guesstimate that, Kodak already has offers total ~$ 600 M for the 2 divisions, but they don't want to sell at that price, which led to the Limited Objection from the Unsecured Creditors for the POR extension. Now Kodak may want to keep part of the 2 divisons with the sale of other assets. But since the financing will close in March, Kodak will bring at least ~$ 600 M of cash proceeds in March.

    With (527+ ~600)= ~$ 1.13 B Cash Proceeds, $ 1.05 B Consolidated Cash, ~$ 1 B Equity (from $ 0.167 B Proforma EBITDA), and ~$ 0.84 B Exit Financing,

    To Pay for ~$ 1.5 B DIP, Second Lien, plus Interests, and retaining ~$ 0.5 M Cash to Exit BK,

    Still has ~$ 1 B Cash and ~$ 1 B Equity to pay for ~$3 B unsecured claims, subject to other minor asset sales, UK pension settlement, and more cash burn.

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