Kodak Seeks Approval for $406 Million Rights Offering

Kodak Seeks Approval for $406 Million Rights Offering, including Backstop Equity Commitment from Creditors: Eastman Kodak Company today announced that, subject to Court approval, key creditors have agreed to backstop a $406 million rights offering for common stock in the company upon its emergence from Chapter 11. Kodak expects to use the proceeds of the rights offering to fund distributions under Kodak’s revised Plan of Reorganization, including the repayment of its second lien creditors, who will no longer receive equity in the Plan.