History in the making….
NY Governor Cuomo came to Rochester on Tuesday to visit areas with economic development. One of the place he and his group stopped was at Eastman Business Park (formerly Kodak Park). People at Kodak pointed out that the Park is continuously adding tenants. They also made a point of mentioning that the power plant needs $40 million in upgrades to comply with state and federal regulations
On Wednesday Kodak today that it had received and accepted an offer from a group of bondholders for $830 million in loans. This replaces a loan of $793 million that was announced earlier in November. This new loan is contingent on the sale of Kodak’s digital imaging patent portfolio for no less than $500 million. This is also subject to approval from the bankruptcy Court Judge.
Do you think that Kodak will take $40 million out of the $830 to repair the power plant?