Wal-Mart, PBGC Named to Kodak Bankruptcy Creditor Committee
Wal-Mart Stores Inc. (WMT) and the Pension Benefit Guaranty Corp. were among those named to the committee that will represent Eastman Kodak Co. (EKDKQ) creditors during the imaging company’s bankruptcy case.
The seven members of the unsecured creditors committee, which also includes Sony Pictures Entertainment Inc., were announced today in New York by the U.S. Trustee, an arm of the Justice Department that monitors bankruptcy proceedings.
Kodak, based in Rochester, New York, filed for bankruptcy Jan. 19, listing assets of $5.1 billion and debt of $6.8 billion.
Wal-Mart has a claim against Kodak for about $11.4 million, according to court papers. Bank of New York Mellon Corp., which wasn’t named to the committee, was listed as Kodak’s biggest unsecured creditor as trustee for about $670 million in notes when Kodak filed for bankruptcy.
The PBGC said Jan. 19 that it would “actively participate” in Kodak’s bankruptcy to protect pension plans. Kodak sponsors two traditional pension plans that cover almost 63,000 people. The plans are 86 percent funded, with about $4.9 billion in assets to cover about $5.6 billion in benefits, the PBGC said.
The case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net
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