History in the making…
On Friday Kodak announced the expiration, at 5:00 p.m. on March 14, 2013, of the offer to holders of its outstanding 10.625% Senior Secured Notes due March 15, 2019 and 9.75% Senior Secured Notes due March 1, 2018 to subscribe for up to an aggregate amount of $455 million of term loans under a new junior secured priming superpriority debtor-in-possession term loan facility, and exchange Notes for up to an aggregate amount of $375 million of junior term loans under the Junior DIP Facility. The offer was oversubscribed.
I’m not sure what the above announcement means. The stock market loved the announcement. Kodak started the week with a stock price of about 20 cents and ended the week at around 30 cents. Even that is only a 10 cent increase, it figures out to about a 50% rise for the week. I suspect that the stock market now is confident that Kodak will be out of bankruptcy around mid 2013.
On Tuesday Kodak announced a new “plug-and-play” scanning solution for Microsoft SharePoint that will be used on the Kodak 520EX Scan Station. Users can use the system to capture documents directly to SharePoint in real time. That makes it easier to collect, manage and share content. On a network, the Scan Station 520EX lets multiple users to scan to print, e-mail, fax or a PDF file.