Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6260 Eastman Kodak Announces $200 Million Investment by Southeastern Asset Management - Ink World Magazine

What are you searching for?

Sign in
Industry News, Ink Manufacturers News, Printers News

Eastman Kodak Announces $200 Million Investment by Southeastern Asset Management

Proceeds to be used to pay down existing debt.

Author Image

By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Eastman Kodak Company entered into an agreement to sell $200 million of newly created 5.50% Series A Convertible Preferred Stock to funds managed by Southeastern Asset Management, an employee-owned, global investment management firm.
 
Kodak intends to use the net proceeds of the sale, together with cash on hand, to prepay in full its outstanding second lien term loans.
 
“This transaction improves our capital structure and enhances our financial flexibility,” said Jeff Clarke, Kodak chief executive. “This is an important step forward in Kodak’s return to strength. We are very pleased that Southeastern has committed to make this significant investment and demonstrated its confidence in Kodak’s future.”
 
In connection with the investment, Southeastern Asset Management will have the right to nominate members to Kodak’s board of directors proportional to its shareholding on an as-converted basis.
 
The transaction is expected to close in November and is subject to the satisfaction of customary closing conditions. 

Add us as a preferred source on Google

Get the latest Ink World magazine news, insights and analysis in your Google Search and AI experiences.

Add Ink World magazine as a preferred source on Google (opens in a new tab)

Keep Up With Our Content. Subscribe To Ink World magazine Newsletters