Kodak Attempting to Prepare for Bankruptcy Exit

According to Reuters, Eastman Kodak Company is attempting to finance a deal with bondholders that could take the company out of bankruptcy.

Kodak filed for Chapter 11 bankruptcy in January. In part of a downsizing attempt, Kodak is attempting to restructure its business model by focusing on printing rather than photography.

Reuters reports that Kodak has been attempting to finance loans from Centerbridge Partners, GSO Capital Partners, UBS and JPMorgan Chase to build an exit portfolio for bankruptcy.

Much like a business bankruptcy, there are benefits to an individual Chapter 11 bankruptcy, as a person typically does not have to work with a trustee and the case can run longer.

Chapter 13 bankruptcy is also an excellent option for individuals who want to retain control of their assets, much like Kodak has control of its patents, and work out a repayment plan for debts. A Chapter 13 bankruptcy also allows for the discharge of some or all unsecured debt, like credit card debt or medical bills.

If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.

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