The Official Kodak Retiree Committee that was formed by the Bankruptcy court announced that they have sold off their unsecured debt. The Bankruptcy Court awarded the committee $650 million, a few months ago. Now the Committee sold that for $70 million cash. That is only about 11% of what was awarded. The unsecured loan would not have been paid until mid year at the earliest. Financial annalists have said in the past the actual cash value would only be around 10%.
Thursday night and again on Saturday morning Monroe Community College (MCC) had a public meeting showing off their plans to buy a portion of the Kodak Office complex. MCC has a downtown campus in the former Sibley building but wants to move to the Kodak property because it is more modern and would allow for expansion.
Kodak has said that their future lies in large format graphic printing. So it came a surprise when they announced on Friday that they would be pulling out of the Ipex trade show in London in 2014. A Kodak spokesman said that Kodak would “significantly reduce its participation in conventional trade shows.”