Eastman Kodak Co. has again put off when it expects to tell creditors and investors when and how it expects to get out of bankruptcy.
U.S. Bankruptcy Court Judge Allan Gropper this week approved a request by Kodak to give it until the end of May to file a reorganization plan. That reorganization plan will spell out a number of key details, including how much unsecured creditors will get for their Kodak IOUs.
Kodak’s most recent deadline had been the end of April, though the company during its Chapter 11 bankruptcy has sought and received a number of extensions.
According to Kodak, it still expects to emerge from bankruptcy in mid 2013 even with this latest extension.
When Kodak in February asked for this most-recent extension, the company said its to-do list included selling off its document imaging and personalized imaging businesses, dealing with Kodak pension plan claims in the United Kingdom, and getting its finances in order. Kodak this week announced it had signed a tentative agreement with Japanese electronics company Brother Industries Ltd. that would see Kodak sell its document imaging business — which is primarily a variety of document scanners — for $210 million.
In its court filing, Kodak said it is “proceeding as quickly as practicable given the complexity of the work to be done and currently expect to file a plan of reorganization prior to the May 31, 2013 deadline.”
Yawn... Have not posted in awhile, but not surprisingly, nothing has changed. Kodak still behaves like it has a plan (it does not), it acts as though creditors will approve the plan (they'd prefer liquidation, to get 10 cents on the dollar). This company is going nowhere. They have no profit, no pipeline, no leadership, and a miserable track record.
Okay, will step back and see what materially changes over the next while. Shares will eventually hit zero.
Yawn... Have not posted in awhile, but not surprisingly, nothing has changed.
I know the feeling. The bar is set so low that people get all worked up over EK selling more debt or what assets it has left. 30 cents a share is well within the range that shares are cancelled and the traders know that happens at the last days of BK. I really don't think many people that claim they are long are really that dumb to be holding common shares.