Simpson Thacher Represents GSO Capital Partners as Lead Backstop Party for Kodak Rights Offering
09.05.13
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Simpson Thacher represented affiliates of GSO Capital Partners as the lead backstop party and, together with the other backstop parties, provided a commitment of $406,000,000 in connection with a rights offering which was the crucial financing necessary to permit Kodak’s emergence from bankruptcy. The rights offering was implemented through Kodak’s plan of reorganization, which had the support of all of its major creditor constituencies. Kodak emerged from bankruptcy on September 3, 2013.
Kodak narrowed its focus to business imaging as part of a 20-month Chapter 11 reorganization in which it removed large legacy costs, took steps to try to streamline its complex infrastructure, and exited or spun-off businesses – including its remaining consumer imaging and document imaging businesses – that it determined were no longer core to its future.
The Simpson Thacher team for the transaction includes: Peter Pantaleo, Soogy Lee and Nick Baker (Restructuring); Wilson Neely, Bianca Bowen and Matthew Gabbard (M&A); Andy Keller and Frank Kwok (Capital Markets); David Vann, Michael Naughton and Ellen Frye (Antitrust); Jonathan Goldstein (Tax); David Rubinsky and Jeannine McSweeney (ECEB); Tim Mulvihill (Environmental); Lori Lesser (Intellectual Property); Cheryl Scarboro (Regulatory); Steve DeLott (Insurance) and Krista McManus (Real Estate).