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.