International law firm Freshfields Bruckhaus Deringer has advised Kodak Limited on a restructuring deal to settle its liabilities in relation to its UK defined benefit pension scheme, the Kodak Pension Plan (KPP), thereby supporting Kodak Limited’s parent company, Eastman Kodak Company (EKC), in successfully emerging from Chapter 11.
The transaction comes after EKC, a sponsor of Kodak Ltd’s obligations to KPP, filed for Chapter 11 bankruptcy protection in the US in 2012. The KPP was the largest unsecured creditor in those proceedings with potential claims against EKC and Kodak Limited in excess of US$2.8bn.
As part of the groundbreaking restructuring, the KPP has acquired the global Kodak Personalised Imaging and Document Imaging business to settle its claims against EKC and Kodak Limited. The KPP has created a new company, Kodak Alaris, in which to hold the business under a perpetual licence.
EKC emerged from Chapter 11 bankruptcy proceedings in the US on 3 September.
Freshfields partners Adam Gallagher (Restructuring), Farah Ispahani (Corporate) and Dawn Heath (Pensions) advised Kodak Limited.
