Kodak Extension Hearing Delayed
By: Tina Shively
Updated: October 17, 2012
Kodak's courtroom drama continues after a judge decides to postpone a major decision concerning the company's reorganization plan.
Kodak says it needs more time to develop a plan to emerge from bankruptcy.
They didn't get their wish in court on Wednesday but their request wasn't denied either.
U.S. Bankruptcy Judge Allan Gropper adjourned the motion to rule on extending Kodak's deadline until next month.
The company announced it was filing for bankruptcy in January, leaving some to wonder what's taking so long.
Kodak had to completely re-do their reorganization plan in the middle of August after months of disappointing bids for its patents, and delay of sales.
Financial analyst George Conboy of Brighton Securities believes that because the issue is so complex, Kodak will eventually get the extension they want.
He said "When they come back in November we expect the judge will approve an extension unless you see a serious objection from the creditors. So far that seems unlikely...It means now that Kodak will not emerge from bankruptcy before next spring, not gonna happen over the winter."
The extension hearing is rescheduled for November 14.
Kodak will be in court ahead of that, on October 29 on a different matter.
This time, the bankruptcy judge will consider a deal between Kodak and the retirees regarding healthcare benefits.
