Kodak News; Aug. 11 – 17

History still in the making…

Kodak’s Theater at Eastman Business Park will now be leased by the Rochester Association for Performing Arts (RAPA). The theater in building 28 on West Ridge Road will be used as a community entertainment, conference and education center. RAPA also plans to showcase the theater as a production center and performance hall for national tours. A schedule and name of the facility are expected to be made public later this month.

Kodak has named eight individuals to serve on its Board of Directors once it emerges from bankruptcy. They are:

  1. Mark S. Burgess, Chairman of the Clondalkin Group and former CEO of Graham Packaging Company.
  2. James V. Continenza, President of STi Prepaid, LLC, a telecommunications company Mr. Continenza has been a Kodak director since April 1, 2013.
  3. George Karfunkel, Chairman of Sabr Group, a consulting company, and co-founder and former Senior Vice President of American Stock Transfer & Trust Company, LLC.
  4. Jason New, a Senior Managing Director of The Blackstone Group and Head of Special Situation Investing for GSO Capital Partners.
  5. William G. Parrett, former Senior Partner of Deloitte & Touche USA LLP, a public accounting firm. Mr. Parrett has been a Kodak director since November 2007 .
  6. Derek Smith, a Managing Principal and Senior Portfolio Manager at BlueMountain Capital Management.
  7. Matt Doheny, President of North Country Capital LLC, an advisory and investment firm.
  8. John A. Janitz, Co-Founder and Chairman of Evergreen Capital Partners, LLC, an investment firm that provides advisory services.

Kodak announced Thursday that it it has the support of its creditors to go forward with its reorganization plan to get out of bankruptcy. The bankruptcy judge will rule in a hearing on Tuesday on the plan.

A group of Kodak stockholders failed to get approval from the bankruptcy judge to appoint a committee to represent their interests in Kodak’s bankruptcy. The judge basically ruled against them because there was a very slim chance that they would end up with any extra money.

The U.S. Justice Department has filed court papers objecting to large payouts for Eastman Kodak executives when the company exits bankruptcy. The trustee assigned by the Justice Department to monitor the case said in a 21 page document that $1.9 million that Kodak expects to be paid to CEO Antonio Perez is not permitted under bankruptcy law adopted in 2005.