History still in the making…
It was a big week for Kodak. On Tuesday they asked the bankruptcy court for approval of their restructuring plan. A trustee from the US Justice Department made an objection to the part of the plan that would give bonuses to the CEO and certain Kodak executives. The Judge pointed out that the creditors had no problem with that part of Kodak’s plan so he rejected the objection.
A small group of stockholder made motions in court that they should get some money in exchange for their stock. The Judge pointed out that credits were only going to get 4 cents on the dollar and they are entitled to be paid first. After emerging from bankruptcy, the current stock will be worthless.
In the end the Judge approved Kodak’s plan and it is possible that everything can be completed by Sept. 3rd.