Kodak has to send out its solicitation packets Friday to creditors, which includes its emergence plan and those ballots. How creditors vote will determine what happens next for Kodak. Many of Kodak's creditors are really looking at a small piece of what money Kodak has left. They will now have to decide if they like what is offered and if they think Kodak has a shot of being a profitable company focused on commercial printing after emergence.
The plan includes having a group of creditors buy 85 percent of the emerged Kodak on a stand-by basis and then offering up shares to groups like unsecured creditors. Secured creditors like Walmart and Target do not need to vote. They are assumed to accept the plan. It is the other smaller creditors who will get a voice in this. Shareholders, who will lose all value in stocks post-bankruptcy, will not get a chance to vote.
Voting will happen between now and August 9th, which is when those ballots are due back to the court. A confirmation hearing will follow on August 20th. If all is accepted, Kodak is expected to emerge by September 3rd.
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