Bankruptcy Court Approves Kodak To Sell Millions In Stock

Published 06/19 2013 07:29AM

Updated 07/19 2013 12:59PM

Eastman Kodak says it has received court approval to sell $406 million worth of stock when it emerges from bankruptcy.

About 34 million shares will be sold at $11.94 each. That is equal to about 85 percent of the equity in the reorganized Kodak. The money raised will repay more companies that Kodak owes money to. Kodak now hopes to emerge from bankruptcy in the third quarter of this year.

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