Kodak, Modern Honolulu, AMR, Lehman Lee Madoff: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy. Updates Kodak as first item; adds Jefferson County in Updates; AMR and Lehman in Briefly Noted; Evergreen Energy in New Filing; section on Daily Podcast.)
Jan. 24 (Bloomberg) -- Eastman Kodak Co. projected a $363.7 million cash loss over 13 weeks ending April 6, the company said in a presentation for lenders.
Kodak plans to offset cash losses by drawing $685 million on the term loan lenders are providing for the Chapter 11 case. In addition to covering the cash losses, the new term loan will repay $100 million owing on a pre-bankruptcy bank credit.
Before restructuring expenses and debt service, Kodak predicts operating cash flow over the 13 weeks will be negative by $156.2 million. Restructuring expenses and interest charges will add another $207.5 million to the cash drain. Payments to suppliers represent $120 million of the restructuring costs, the lender presentation said.
Although Kodak hasn't yet released financial statements for the fourth quarter, the lender presentation predicted that earnings before interest, taxes, depreciation and amortization in the last quarter will be $81 million, to offset some of the $302 million in Ebitda losses over the first three quarters.
For the first 13 weeks in bankruptcy, Kodak predicts receipts will total $588.4 million. Kodak doesn't expect to make any draws on the new revolving credit during the first 13 weeks.
In a bankruptcy court filing Kodak put the claim of the company's U.K. pension fund at the top of the list of 50 largest unsecured claims, possibly implying that the pension claim is larger even than the $406.1 million claim for senior unsecured convertible notes and $252.4 million on senior unsecured notes.
Kodak said that the U.K. pension claim is “undetermined” and “unliquidated.
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24 (Bloomberg) -- Eastman Kodak Co. projected a $363.7 million cash loss over 13 weeks ending April 6, the company said in a presentation for lenders. Kodak plans to offset cash losses by drawing $685 million on the term loan lenders are providing for
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Many of those trades had been set in advance of huge amounts of bonds being sold this quarter by European governments. And this turn of events has come without the ECB meaningfully stepping up direct purchases of Italian and Spanish debt,
Operating profit rose 18 percent to $1.59 billion, leading to record operating cash flow of $1.63 billion. Income from continuing operations was $1.01 billion. During the quarter, a decision was made to begin a sales process for the Wilkie Creek Mine.
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