Kodak Trustee Sues Altek Corp. to Recover $49.2 Million

The trustee appointed in Eastman Kodak Co. (KODK)’s bankruptcy sued to recover payments of about $49.2 million that were made to Altek Corp. (3059) in the 90 days before the photography pioneer’s Chapter 11 filing.

Alan Halperin, acting on behalf of a trust created to liquidate some assets, is seeking to claw back any transfers made “to and for the benefit of” Altek, a Taiwan-based maker of digital cameras, according to a filing today in U.S. Bankruptcy Court in Manhattan.

Kodak filed for bankruptcy in January 2012 after spending $3.4 billion on earlier attempts to turn its business around. By then, it had shed 47,000 employees since 2003, closed 13 factories that made film, paper and chemicals, and shut 130 photo laboratories.

The Rochester, New York-based company won court approval of an exit plan in August 2013 and emerged from bankruptcy in September as a commercial-printing business. The plan established the trust for the purpose of liquidating assets. The trustee also has authority to sue on behalf of the trust, according to court papers.

Halperin asked the court to direct Altek to pay $49.2 million plus interest and costs.

Steven Su, an Altek spokesman, and Eva Liang, deputy manager at Altek, weren’t immediately available to comment on the suit at their Taiwan office after working hours today.

The case is Kodak GUC Trust v. Altek Corp., 14-02032, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The bankruptcy is In re Eastman Kodak Co., 12-bk-10202, in the same court.

To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net

To contact the editors responsible for this story: Andrew Dunn at adunn8@bloomberg.net Charles Carter

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