Kodak Executives Meet With Employees, Expect To Clear Bankruptcy 2013
By: Caroline Tucker
Updated: December 13, 2012
Kodak workers locally and worldwide got to hear from Kodak executives on Thursday including from CEO Antonio Perez.
The meeting, held in the 9th floor auditorium of Kodak's downtown headquarters, was not open to the media.
But the company did release this statement about the day's meeting.
"He [Perez] and other members of the management team just provided an update on our progress in reorganization, and used the forum to thank employees for their efforts during a challenging year. He noted that we have a clear path to emergence for chapter 11 in the first half of 2013 and urged them to stay focused on achieving what we need to do for this to happen," wrote Chris Veronda, Kodak spokesperson.
Insiders at the meetings today, gave News 8 some insight into what was discussed.
They say Perez said the company is close, "very close" to a patent sale and told employees to await for more details to be announced.
Last week, the Wall Street Journal reported that a group of unidentified buyers planned to give Kodak more than $500 million for its digital imaging patents.
Other reports suggested that Apple and Google may be involved.
Kodak would not comment.
According to insiders, executives also said they were working to resolve its UK pension problems but did say that the document and imaging businesses which are up for sale may be struggling a bit.
"It sounds to us that management is trying to prep employees that they may not have an easy time in meeting that third condition which is the sale of those businesses so they can get their loan," said George Conboy, President of Brighton Securities.
Kodak is hoping to secure a $380 million loan to help it emerge from bankruptcy.
To get it, the company needs to sell those patents for at least $500 million and successfully sell its document and imaging businesses.
Kodak has a 10am hearing in U.S. Bankruptcy Court in Manhattan on Friday.
