Bankruptcy Hearings Begin for Kodak
By: WROC-TV
Updated: February 15, 2012
News 8's Caroline Tucker is in New York City and will bring updates throughout the day on Kodak's first major bankruptcy hearing.
There are multiple motions on the agenda for the hearing. One of them is Kodak's request for $950 million in debtor-in-possession financing. According to paperwork, Kodak pays out $28.6 million every two weeks for its payroll. The court is moving swiftly in approving many of the motions because most of them are uncontested.
The other big topic on the agenda is Kodak's naming rights to the Kodak Theatre in Los Angeles. Kodak wants to get out of its contract, but the company that owns the theatre says that to do so now would be detrimental to the Academy Awards. CIM says Kodak waited until 26 days before the awards to ask to be released from their contract. The judge has decided to release Kodak out of its contract and will reserve a date for rejection for another hearing. The judge wants to "do the least harm to both parties."
We will bring you more information on News 8 @ Noon, News 8 First @ 4, and News 8 @ 5 & 6.
There are multiple motions on the agenda for the hearing. One of them is Kodak's request for $950 million in debtor-in-possession financing. According to paperwork, Kodak pays out $28.6 million every two weeks for its payroll. The court is moving swiftly in approving many of the motions because most of them are uncontested.
The other big topic on the agenda is Kodak's naming rights to the Kodak Theatre in Los Angeles. Kodak wants to get out of its contract, but the company that owns the theatre says that to do so now would be detrimental to the Academy Awards. CIM says Kodak waited until 26 days before the awards to ask to be released from their contract. The judge has decided to release Kodak out of its contract and will reserve a date for rejection for another hearing. The judge wants to "do the least harm to both parties."
We will bring you more information on News 8 @ Noon, News 8 First @ 4, and News 8 @ 5 & 6.
