Hogan Lovells advises Kodak Pension Plan trustees on settlement of claims against EKC
Hogan Lovells has advised the trustees of the Kodak Pension Plan (KPP) on a comprehensive settlement of its claims against the Eastman Kodak Company (EKC), which includes the transfer of ownership of EKC’s Personalized Imaging business and Document Imaging business to the KPP, with a stated purchase price of $650m (£419m).
The Personalized Imaging business consists of Retail Systems Solutions (RSS), which specialises in retail print solutions; Paper & Output Systems (P&OS), which supplies photographic paper and workflow products; Film Capture, which sells still camera films for consumers and professionals; and Event Imaging Solutions (EIS), which provides souvenir photo products at theme parks and other venues.
The Document Imaging business provides a portfolio of scanners, capture software and services to enterprise customers.
EKC, the guarantor of Kodak’s obligations to KPP, filed for Chapter 11 bankruptcy protection in the US in January 2012. This resulted in the trustees of the KPP filing an unsecured claim for $2.837bn against EKC last year.
The cross-border, cross-practice Hogan Lovells team advising the trustees was led by London pensions partner Katie Banks and supported by associate Jim Davis, with significant contributions from US partner Christopher R Donoho and associate Daniel Lanigan on business restructuring and insolvency matters; partners John H Booher and Michael J Silver and counsel Derek B Meilman on merger and acquisition matters; and partner Elizabeth M Donley on commercial matters.
Members of Hogan Lovells’ global employment, tax, intellectual, real estate, environmental and antitrust and competition teams also provided support on the transaction.
News from Hogan Lovells
News from The Lawyer
Briefings from Hogan Lovells
In the end, 2013 did not disappoint, with resurgence in equity offerings, promising company valuations and greater market liquidity.
ACAS has published proposals to change its code of practice on disciplinary and grievance procedures as a result of a surprise EAT decision earlier this year.
Analysis from The Lawyer
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies
The Russian legal market faces a new era as the government opens the door to greater business transparency, but not everything is open to scrutiny