Kodak (EK) Details ~$1.6B in Debt Defaults Under Ch. 11 Filing

Eastman Kodak (NYSE: EK) filed for protection under Chapter 11 of the U.S. Bankruptcy code late Wednesday. The filing covers Kodak itself, as well as all of it subsidiaries.

Interestingly, here is the following debt instruments that Kodak defaulted on:

• Indenture, dated as of March 15, 2011, by and among Eastman Kodak Company, the subsidiary guarantors parties thereto and The Bank of New York Mellon, as Trustee, with respect to approximately $250,000,000 principal amount, together with accrued and unpaid interest on outstanding debt securities in the form of 10.625% Senior Secured Notes;
  
  
• Indenture, dated as of March 5, 2010, by and among Eastman Kodak Company, the subsidiary guarantors parties thereto and The Bank of New York Mellon, as Trustee, with respect to approximately $500,000,000 principal amount, together with accrued and unpaid interest on outstanding debt securities in the form of 9.75% Senior Secured Notes;
  
  
• Indenture, dated as of September 23, 2009, between Eastman Kodak Company and The Bank of New York Mellon, as Trustee, with respect to approximately $400,000,000 principal amount, together with accrued and unpaid interest on outstanding debt securities in the form of 7.00% Convertible Senior Notes;
  
  
• Indenture, dated as of October 10, 2003, by and among Eastman Kodak Company, the subsidiary guarantors parties thereto and The Bank of New York Mellon, as Trustee, with respect to approximately $250,000,000 principal amount, together with accrued and unpaid interest on outstanding debt securities in the form of 7.25% Senior Notes due 2013; and
  
  
• Second Amended and Restated Credit Agreement, dated as of April 26, 2011, by and among Eastman Kodak Company, Kodak Canada Inc., the subsidiary guarantors parties thereto, the lenders parties thereto, Bank of America, N.A., as administrative agent and co-collateral agent, Citicorp USA, Inc., as co-collateral agent, and the other arrangers, agents and bookrunners party thereto, with respect to approximately $196,000,000 principal amount, together with accrued and unpaid interest outstanding.

Also, according to the release:

"Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. The Company believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.

Kodak expects to pay employee wages and benefits and continue customer programs. Subsidiaries outside of the U.S. are not subject to proceedings and will honor all obligations to suppliers, whenever incurred. Kodak and its U.S. subsidiaries will honor all post-petition obligations to suppliers in the ordinary course.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citi upgrades O-I Glass to Buy with $9 price target, opens 90-Day upside catalyst watch
• Citigroup set to join top banks in Anthropic IPO - Bloomberg
• BofA Securities Starts Mobility Global (MBGL) at Neutral