It was announced on Tuesday that CEO Antonio Perez will eventually be leaving Kodak. He will remain at Kodak for up to a year after Kodak emerges fron bankruptcy or until the Kodak Board of Directors elects a successor, whichever is sooner. Perez then will work as a full-time special advisor for up to 3 years. For his consulting fees, Perez would be paid $1 million a year. He could receive an additional $2 million based on meeting certain performance goals.
On Thursday, Kodak announced that it has completed a previously announced loan of $695 million. The loan comprises $420 million of a six-year first lien term loan, and $275 million of a seven-year second lien term loan.