This will not be an easy task for Blackstone & EK on Tuesday. Although they got the support from Lazard & Alix Paters, the Trustee, USA, and the Insurance Company has some Objections for potential liabilities that needs to be resolved.
The Trustee made it clear that the Federal Tax Consequences and Disclosures needs to be addressed. EK is still hiding from Investors what is taking place and there is no mention of the NOL. A good example of disclosure or non disclosure is the EBP Settlement on Friday.
When USA objects it may be the SEC or the EPA.
For the Insurance Company its the Civil Lawsuits that are pending. Even if Judge Gropper approves the POR on Tuesday, the Insurance Company will be stuck with the lawsuits They do not want EK to walk away from what EK has created.
I am holding til the dust settles.
August 20, 2013 at 11:00 EST
First Amended Joint Chapter 11 Plan of Reorganization of Eastman Kodak Company and Its Debtor Affiliated (Docket No. 4869, 8/15/13)
Findings of Fact, Conclusions of Law and Order Confirming the First Amended Joint Chapter 11 Plan of Reorganization of Eastman Kodak Company and Its Debtor Affiliates Pursuant To Chapter 11 Of "The Bankruptcy Code (Docket No. 4869, 8/16/13)
Related Documents( Supporting):
Both Lazard,doc 4856, and Alix Partners, doc 4863, support the Plan for Confirmation
Objection and Reservation of rights of the United States Trustee to the First Amended Joint Chapter 11 Plan of Reorganization of Eastman Kodak Company and Its Debtor Affiliates ( Docket No. 4776, 8/13/13)
Status: This objection will be going forward
Informal Objection of The United States of America
Status: This objection will be going forward.
Informal Objection of Century/INA
Status: This objection has been resolved through a stipulation between the parties to be presented to the Court.