Rochester, N.Y. -- Eastman Kodak is asking a federal bankruptcy court for more time as it works to craft a plan to emerge from bankruptcy. The request is not an effort to delay the process, but to give it the exclusive right to file a plan so that no one else can, according to former federal bankruptcy court Judge John Ninfo.
"If the court were to deny their motion for exclusivity it would simply mean that any other interested qualified party for example the creditors committee or secured creditors could file a plan too," said Ninfo.
The creditors, or those owed money by Kodak are unlikely to submit a plan to the court according to Ninfo; though he said that there is one instance where that could change.
"Generally the only kinds of plans in situations like this that creditors would file would be a liquidation plan," Ninfo said.
Meaning an effort to sell whatever assets Kodak has left to pay creditors.
In an email to 13WHAM News, Kodak spokesperson Christopher Veronda addressed the notion of liquidation.
"We have worked closely to keep creditors involved and informed, as we note in the release. These actions announced today are no different."
In a news release Friday morning, Kodak CEO Antonio Perez said the following regarding the companies latest move:
"We are committed to take the remaining steps required for our emergence in 2013 as a profitable sustainable company."
The court is scheduled to hear Kodak's motion for exclusive right to file a plan October 17th.
