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EKDKQ.PK

Eastman Kodak Co.

5/23/2013, 5:28 AM ET

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Wednesday, May 1, 3:42 PM 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) 4 Comments [Tech, On the Move]
Tuesday, April 30, 11:28 AM Eastman Kodak (EKDKQ.PK +17.4%) is now up 55% over the last 2 days on the pink sheets after announcing the sale of its personalized and document imaging units, and providing a Q1 business update. Excluding its $535M patent sale and a $77M goodwill charge, Kodak had a Q1 loss of $175M. Sales from continuing ops fell 9% Y/Y to $849M, and the bankrupt company's cash balance rose by $30M Q/Q to $1.17B. The Digital Printing & Enterprise unit had a segment loss of $8M in Q1, and the Graphics, Entertainment, & Commercial Films unit a profit of $38M. 1 Comment [Tech, On the Move, Earnings]
Monday, April 29, 9:35 AM Eastman Kodak (EKDKQ.PK) is selling its personalized imaging (camera film, paper, photo kiosks) and document imaging (scanners/related software) units to its U.K. pension fund for $650M. The deal settles $2.8B in claims against Kodak from the bankrupt company's largest creditor. Kodak asserts the deal gives it "the remaining liquidity we require to emerge from Chapter 11," and says it plans to "file a draft Chapter 11 plan with the [U.S.] Bankruptcy Court on April 30." Kodak recently sold some document imaging assets to Brother for $210M. (PR) (previous) Comment! [Tech, M&A]
Tuesday, April 16, 10:18 AM UniPixel (UNXL +8.7%) makes new 52-week highs after announcing Eastman Kodak (EKDKQ.PK) will make touch sensors leveraging UniPixel's UniBoss film. The companies have begun to build a manufacturing/testing facility with 100K square feet of manufacturing space, and plan to spend $24M this year to improve/equip it. Kodak declares the partnership a part of its efforts to expand into functional printing. Last week, UniPixel announced a partnership with an unnamed "touchscreen ecosystem partner." 3 Comments [Tech, On the Move]
Monday, April 15, 8:51 AM Eastman Kodak (EKDKQ.PK) is selling "certain assets of its Document Imaging business" to Brother for $210M. Brother will also assume deferred service revenue liability of $67M. All subject to court approval. (PR) Comment! [M&A, Breaking News, Tech]
Monday, March 25, 11:07 AM Needham initiates Shutterfly (SFLY +0.9%) at Buy with a $52 price target. The company, which is in the process of suing Eastman Kodak (EKDKQ.PK -3%) for violation of a non-compete agreement, was reiterated at Buy at Cantor Fitzgerald on March 11 with a price target of $48. Comment! [Tech]
Friday, March 22, 3:55 PM Shutterfly (SFLY +0.1%) is suing bankrupt Eastman Kodak (EKDKQ.PK -3.3%) to get it to shut down its My Kodak Moments Facebook app, arguing it violates a non-compete agreement that was part of last year's $23.8M deal to purchase Kodak Gallery. Separately, Kodak announces it has closed its $848M financing deal with creditors. The company says it's on track to file a reorganization plan by April 30. Comment! [Tech]
Wednesday, January 23, 1:53 PM Two weeks after signing off on Eastman Kodak's (EKDKQ.PK) patent sale, a bankruptcy judge has approved $830M in financing that was contingent on the deal. The approval takes Kodak a step closer to coming out of Chap. 11, though the company still has to consummate a reorganization plan by Sep. 30, resolve its U.K. pension obligations, and sell all or part of its Document Imaging (scanners) and Personalized Imaging (photo kiosks, film, and paper) businesses. 1 Comment [Tech]
Friday, January 11, 2:44 PM To little surprise, a bankruptcy judge has signed off on the $525M sale of Eastman Kodak's (EKDKQ.PK -2.4%) patent portfolio to a consortium managed by RPX (RPXC) and Intellectual Ventures, and featuring a who's who of tech giants. The approval clears the way for Kodak to obtain $830M in financing and come out of Chapter 11 in 1H13. Earlier this week, Kodak, which plans to focus on business solutions going forward, announced a deal with private JK Imaging in which JK will sell cameras under the Kodak brand. 3 Comments [Tech]
Wednesday, December 19, 2012, 10:26 AM More on Kodak: The Next Web claims the consortium organized by RPX and Intellectual Ventures includes Apple and Google, as well as Samsung, Facebook, HTC, Fuji, Microsoft, Amazon, RIM, Adobe, Huawei, and Shutterfly. It looks as if the companies decided to join forces so as to keep Kodak's IP from further enriching patent lawyers. Apple, RIM, and HTC have been involved in legal disputes with Kodak over the patents. 1 Comment [Tech]
Wednesday, December 19, 2012, 9:23 AM Eastman Kodak (EKDKQ.PK) is selling its imaging patent portfolio for $525M to a consortium led by RPX (RPXC) and patent troll Intellectual Ventures. Kodak adds the deal settles existing IP litigation between the parties. The sale figure exceeds the $500M threshold needed for a $793M financing deal to clear. Apple (AAPL) and Google (GOOG) were previously reported to have teamed up for a bid. (PR) Comment! [Tech, M&A]
Saturday, December 8, 2012, 12:14 AM Apple (AAPL) and Google (GOOG) have teamed up for the reported $500M-plus bid for bankrupt Kodak's (EKDKQ.PK) patents, Bloomberg reports. The two companies - part of rival consortia this summer in an auction for the patents - are likely working together with a goal of neutralizing infringement lawsuits. 26 Comments [Tech, Top Stories, M&A]
Wednesday, December 5, 2012, 6:32 PM Eastman Kodak (EKDKQ.PK) has finally received a $500M+ bid for its patent portfolio, sources tell the WSJ, while adding a deal hasn't yet been inked. A $500M+ patent sale is necessary by early next year for a $793M financing deal to go through. Comment! [Tech, Consumer]
Monday, November 19, 2012, 1:49 PM Eastman Kodak (EKDKQ.PK) strikes a deal with CVS Caremark (CVS +0.6%) to keep as many as 15K photo kiosks at CVS stores through 2016. The deal is important because it ensures the company's biggest customer will still be in tact for a potential buyer of the Kodak imaging service business. Comment! [Consumer]
Wednesday, November 14, 2012, 6:23 PM Two days after securing $793M in financing, Eastman Kodak (EKDKQ.PK) received court approval to maintain control of its bankruptcy proceedings through Feb. 28. Also, Kodak says it's still in talks with Apple (AAPL) and Google (GOOG) regarding its delayed patent sale, and is confident the sale with produce the $500M+ in proceeds needed for its financing deal to go through. Kodak chose to delay its patent sale after initial bids during an August auction came in well below $500M. 3 Comments [Tech]
Monday, November 12, 2012, 10:47 AM Eastman Kodak (EKDKQ.PK) struck a deal with bondholders over $793M in loans that could lift the company out of bankruptcy, according to a WSJ report. If the report pans out, it most likely means a buyer for the company's interesting group of patents has been found. 3 Comments [Consumer]

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