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Kodak's early morning bankruptcy announcement came with a website detailing many aspects of the company's transitional plan.
Among those details on the KodakTransforms.com website are a series of Frequently Asked Questions directed at specific groups including employees. We've included that FAQ list below:
Frequently Asked Questions – Global Employees
What is Chapter 11?
“Chapter 11” refers to the section of the U.S. Bankruptcy Code that provides a company with the opportunity to restructure under court supervision while continuing normal day-to-day business operations. The goal is to emerge from Chapter 11 as an ongoing business enterprise that is assured of long-term viability. To be clear, Kodak is not going out of business. Kodak is not liquidating.
Why did we file for Chapter 11? Why now?
Kodak and certain of its U.S.-based subsidiaries have filed for Chapter 11 reorganization to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve our legacy costs, and enable the Company to focus on our most valuable business lines. Our non-U.S. subsidiaries are not included in the filing and continue to operate as usual.
Kodak has undergone a major transformation in recent years, but needs additional time and flexibility to undertake the remaining initiatives to move the Company forward and emerge as a more competitive and sustainable global enterprise.
How will the filing affect day to day operations at Kodak?
Kodak will continue normal operations throughout this process, including paying salaries and benefits to our current workforce and providing first class service to our customers.
Does the company have enough money to continue operating during the Chapter 11 proceedings?
We are going into the Chapter 11 process with financing of $950 million, sufficient liquidity to assure that all vendors, suppliers and other business partners will be paid in full for goods and services they provide us going forward.
What happens to Kodak’s international operations? Are they included in the filing?
Kodak’s non-U.S. subsidiaries are not included in the filings and will continue to operate as usual. Another way to say this is that Kodak’s reorganization does not affect vendors and suppliers to Kodak’s international operations. As a result, our expectation is that today’s action will not have any impact on commercial relationships with Kodak operations based outside of the U.S.
How does Chapter 11 reorganization work? How does it differ from Chapter 7?
Chapter 11 of the Bankruptcy Code allows companies to restructure with the assistance of a creditor committee while continuing to operate. Companies that file under Chapter 11 have the goal of coming out of Chapter 11 stronger and more efficient. In contrast, companies that file under Chapter 7 of the Bankruptcy Code have realized that they cannot restructure their debt in a way that will allow them to continue to operate, and instead have decided to liquidate all of their assets and go out of business. To be clear, Kodak is not going out of business. Kodak is not liquidating.
What happens next?
While operating the business as usual, Kodak will work with its key stakeholders to become more cost-competitive. At the end of that process, the Court will be asked to approve a final plan of reorganization which will enable Kodak to emerge from Chapter 11 as a reorganized company.
How long is the Chapter 11 reorganization likely to take?
We expect to complete our U.S.-based restructuring in 2013.
What are some companies that have used the Chapter 11 process and emerged as profitable and sustainable enterprises?Companies that have used this process successfully include General Motors, Chrysler, Delta Air Lines, Toys R Us, and Macy’s.
What are the legacy costs referred to in the announcement?
These liabilities include but are not limited to non-U.S. pension liabilities; current and non-current Other Post-Employment Benefit (“OPEB”) liabilities; and environmental liabilities.
We now need to ensure that legacy costs are right-sized and fairly apportioned for a company of Kodak’s size in order to maintain a competitive cost structure.
Where can I get additional information if I have more questions?
Additional information can be found at our dedicated web site for information on Kodak’s reorganization,www.kodaktransforms.com. In addition, U.S.-based employees can speak with their supervisor, or contact our U.S. employee and retiree hotline at (888)249-2721 to address specific benefits and payroll questions not addressed on the website.
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