Kodak’s long road towards reemergence from Chapter 11 hit another stumbling block as some its creditors balked at the company’s submitted plans.
According to a report by the DemocratandChronicle.com, a scheduled bankruptcy hearing on June 13th has been postponed to June 25th as creditors asked for more time to review the plans published by Kodak on April 30th.
Creditors are objecting, according to the published report, because they feel the restructuring plans do not adequately address how they will be affected.
“The filing of the Plan of Reorganization and Disclosure Statement represents a major milestone in our reorganization: this initiates our emergence process,” stated Antonio M. Perez, Kodak’s Chairman and Chief Executive Officer in a statement when the restructuring plans were filed. “We now have a clear path forward for Kodak, and we are positioning the company for a profitable and sustainable future.”
Eastman Kodak filed for Chapter 11 on January 19, 2012. The full restructuring plans can be accessed here.