10
Operations to Restructure
BankruptcyAdvisor
Bankruptcyfinancing sought
Bankruptcyfinancing sought
De-listingnotice
CreditRiskMonitor(845) [email protected]
Eastman Kodak case January 2012
BankruptcyAdvisor
BankruptcyAdvisor
Additionalborrowing attempt
Adopts “poison pill”
Major shareholder sells out
Borrows $160MM of revolver; stock falls
Shareholder to challenge“poison pill”
4
…need more depth? Look at the Performance Ratios
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Eastman Kodak case January 2012 5
…need more depth? Look at the Leverage Ratios
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Eastman Kodak case January 20126
…need more depth? Look at the Liquidity Ratios
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Eastman Kodak case January 2012 7
…need more depth?
Look at the Peer Analysis
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Eastman Kodak case January 20128
…need more depth? Annual Operating Cashflow
In a bad long-term trend
CreditRiskMonitor(845) [email protected]
Eastman Kodak case January 2012 9
From MD&A section, period ending 9/30/2011, filed 11/03/2011:
LIQUIDITY AND CAPITAL RESOURCES
Finally, in the MD&A issued in November the CEO and CFO tell us that the company’s ability to fund operations depends mainly on its ability to sell or license its imaging patent portfolio… fast… …and then in January they file for bankruptcy.
CreditRiskMonitor(845) [email protected]
Eastman Kodak case January 201210
