Eastman Kodak filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan and First Amended Disclosure Statement. According to the Disclosure Statement, “The Plan represents a comprehensive compromise that provides higher creditor recovery and a more expeditious emergence from chapter 11 than the Initial Plan. The Creditors’ Committee has informed the Debtors that it endorses fully the Debtors’ entry into the Backstop Commitment Agreement, the implementation of the Rights Offerings and the terms and conditions of the Plan. The Plan provides for two rights offerings to raise $406 million of equity capital through the issuance of 34 million shares of New Common Stock. The Rights Offerings consist of (a) a rights offering for up to six million shares of the New Common Stock and (b) an additional rights offering for a number of shares of New Common Stock equal to the sum of (x) 28 million and (y) the number of shares of New Common Stock offered but unsubscribed in the 1145 Rights Offering.”

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