Seeking Alpha

Eastman Kodak (EKDKQ.PK -72.9%) has plummeted to a mere $0.10 on the pink sheets after...

Eastman Kodak (EKDKQ.PK -72.9%) has plummeted to a mere $0.10 on the pink sheets after announcing a post-bankruptcy reorganization plan in which existing equity holders will see their shares cancelled. Second-lien noteholders will own 85% of the company, and unsecured creditors and retirees 15%. Kodak, which projects a $441M post-bankruptcy valuation, expects to exit Chapter 11 in Q3. (PR) (yesterday)
Comments (4)
  • Deja Vu
    , contributor
    Comments (1153) | Send Message
     
    A real Kodak moment...
    1 May 2013, 03:46 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8154) | Send Message
     
    That's gotta hurt!
    1 May 2013, 04:02 PM Reply Like
  • Long_Short
    , contributor
    Comments (11) | Send Message
     
    That is about $0.10 more than the shares are worth, so only a 100% downside from here. I find it amazing how many folks do not understand what the term "bankrupt" really means, and the implications for common shareholders.
    1 May 2013, 04:14 PM Reply Like
  • Seeker959
    , contributor
    Comments (69) | Send Message
     
    well I'm surprised, I really thought Kodak would throw 5% of the new shares to the existing... I guess the value of $0.05 I gave this stock almost a year ago is too rich now. I still think they are worth a penny or 2 as there is a chance that the existing will be thrown a tiny bone. As a creditor to Kodak I have to feel a bit better that the equity is wiped to maximize creditor return. I still think Antonio Perez is a terrible CEO but I have a shred of respect for him being prepared to wipe out the existing completely.
    1 May 2013, 05:08 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|