Kodak asks court for third exclusivity extension, expects mid-year emergence from bankruptcy

By Lisa Kerner

Charlotte, N.C., Feb. 1 - Eastman Kodak Co. asked the court to approve a third extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to a Feb. 1 filing with the U.S. Bankruptcy Court for the Southern District of New York.

Kodak wants to extend its exclusive filing period through and including May 31 from Feb. 28, and the exclusive solicitation period through and including July 31 from April 30.

A hearing is set for Feb. 20.

In seeking the latest extensions, Kodak said it made substantial progress toward reorganization goals since filing for Chapter 11, including procurement of adequate case liquidity and the monetization of the digital imaging patent portfolio. The debtors developed an emergence business strategy that focuses on valuable business lines in the commercial imaging market and are on track to emerge in mid-2013 as a smaller, but profitable, company, the filing said.

In November, the court ruled to extend Kodak's exclusive period for filing a plan to Feb. 28 from Oct. 15. The exclusive period for soliciting votes was extended to April 30 from Dec. 14.

Kodak is a Rochester, N.Y.-based imaging technology products and services provider to the photographic and graphic communications markets. The company filed for bankruptcy on Jan. 19, 2012 under Chapter 11 case number 12-10202.

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