The company is trying to secure a US$950m ($893m) debtor-in-possession facility to provide liquidity and to re-finance its existing revolving loan, allowing it to restructure under Chapter 11 bankruptcy protection.
The presentation highlighted what Kodak considers its most valuable operations in terms of core businesses and growth businesses.
The core businesses are: retail systems solutions, document scanners and digital plates. The growth businesses are: consumer inkjet, digital printing solutions, enterprise workflow software and services, and packaging solutions.
The Prosper inkjet printing family was described as having “game-changing technology” and “attractive margins on equipment, ink and service”.
Other business areas, including commercial and consumer film, digital cameras and its intellectual property portfolio, will be “managed for cash/value”.
Kodak told potential lenders that it had identified more than $100m in cost-reduction opportunities “across all corporate costs”.
This includes reduced administration spend through its recently-announced simplified two division structure, as well as the elimination of “all non-core corporate research and engineering” and a halt to “all non-essential advertising and marketing programs”. It will also exit some contractual obligations.
Lenders will gain a first-priority secured interest in Kodak’s intellectual property and real estate, as well as a 65% pledge of the stock of its foreign subsidiaries.
Kodak also pitched a “substantial global cost-reduction opportunity” in the presentation, including its recent restructure from three divisions down to two, as well as eliminating “non-core corporate research and engineering”.
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