Kodak make a filing in Bankruptcy Court on Friday for an extension of six months to put together its restructuring plan. Normally in Chapter 11 cases, a company is given 120 days from their original filing to propose their plan for a turnaround, and then 60 days beyond that get creditors to sign on. Kodak’s deadline for filing the plan, would have been May 18th but they say they need more time to get their plan ready as they are a very complex organization. The Bankruptcy Judge could make a ruling as early as Monday.
There was an interesting article titled “The New Kodak Motto: All for One, and More for Me!” on the Motley Fool website. That website only gives a preview of the article and makes you sign in to see the same full. Instead, view the full article on Daily Finance website. The article deals with the fact that even though Kodak is dealing with a bankruptcy, they are asking to give bonuses to management personnel.