Kodak is Racking up Fees and Wants to Close its Chapter 11 Case

Former photography staple Eastman Kodak Co. hopes to formally wrap up its bankruptcy case.

In a Monday, Nov. 3, motion, the Rochester, N.Y., company requested its Chapter 11 case be closed, asserting that distributions under its reorganization plan have been completed and it doesn't want to keep incurring further administrative expenses. Court papers show Kodak has racked up $103.47 million in attorney fees and $141.77 million in other professional fees and expenses.

Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Aug. 20, 2013, confirmed Kodak's reorganization plan, which took effect on Sept. 3, 2013.

The company spun off its personalized imaging and document imaging businesses to the U.K. Kodak Pension Plan for $650 million. The company also closed on $695 million in term exit financing and paid off its debtor-in-possession lenders and second-lien noteholders in full. Additionally, the company completed a rights offering that brought in $406 million in new equity capital.

Kodak filed for Chapter 11 on Jan. 19, 2012, and subsequently sold off various assets.

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