Kodak Shareholders' Bid For Equity Committee Blocked

Law360, Los Angeles (June 28, 2012, 12:24 PM EDT) -- A New York bankruptcy judge on Thursday sided with Eastman Kodak Co. and denied a group of common stockholders' bid to appoint an official committee of equity security holders, saying the committee wasn't necessary at this stage of the Chapter 11 proceedings.

U.S. Bankruptcy Judge Allan L. Gropper said Kodak’s shareholders are adequately represented by other groups committed to maximizing the value of Kodak's estate. Formation of a new committee would saddle the bankruptcy proceedings with unnecessary administrative costs, Judge Gropper said.

“Although Kodak’s Chapter 11...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.