Kodak Ltd (UK) responds to U.S. Chapter 11 announcement
David Webb, Kodak Ltd (UK) general manager, today sent out an email to emphasize that for Kodak’s non-US subsidiaries, including Kodak Ltd in the UK, it’s business as usual. The email (in full below) goes some way to alleviate any fears non-US customers may have had about Kodak’s widely reported impending bankruptcy.
As you may have heard, Kodak and its U.S. subsidiaries voluntarily filed for U.S. Chapter 11 reorganisation yesterday. Most importantly, let me emphasise that only Kodak and its U.S. subsidiaries are part of the reorganisation process; subsidiaries outside of the U.S. including Kodak Ltd are not included in the filing, and we expect to continue to serve all our customers during this process.
Kodak has established a public website, www.kodaktransforms.com to serve as a centralised source of information & below are a couple of the key points from the press release put out yesterday.
‘The business reorganisation is intended to bolster liquidity in the U.S. and abroad, monetise non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines. The Company has made pioneering investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011.’
‘Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. The Company believes that it has sufficient liquidity to operate its business during chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.’
For all our operations, it is very much business as usual for our customers. We will continue to be there to support you and work with you during this process.
Again given that Chapter 11 does not impact non-U.S. subsidiaries and allows us to continue normal business operations, I look forward to us continuing to enjoy our strong and mutually beneficial relationship. Please also do not hesitate to call me or the Kodak team with any additional questions or concerns.
Thank you for your support, loyalty, and continued business.
Entertainment Imaging,UK, Ireland, Middle East, Africa, Central & Eastern Europe
Kodak Limited (UK),
Hemel One, Boundary Way, Hemel Hempstead, Herts, UK. HP2 7YU.