Undisputed creditor claims of imaging giant Kodak have reached US$20.5bn, as the company continues its drive to move out of chapter 11 bankruptcy protection in the US.
The US$20.5bn (NZ$24.09bn) in undisputed claims come from some 5,900 creditors. The company has not revealed the number and level of disputed claims.
Announcing its second quarter figures for 2012 Kodak says its losses rose by 54 per cent to some US$299m for the period, and the figures for the half year were similar, with a loss of US$776m recorded, against US$468m in the corresponding period last year.
Of the Q2 figures some $160m was attributed to reorganisation costs. The company also points to a $US$79n improvement in operating figures, although this still resulted in a US$95m operating loss.
Kodak’s net sales for the three months ending June 30 this year were down by 27 per cent or US$400m to US$1.1bn, as the company restructures itself, including exiting digital cameras.
Antonio Perez, chairman and CEO at Kodak says, “I am pleased with our progress, and our operating results are both improved from last year and also ahead of our plan. We are committed to sustaining the progress required to successfully emerge from Chapter 11.”
Kodak has also spent $110m on staff recalibration, with more than 2,000 staff leaving the company this year, 60 per cent of them in the US. Kodak’s pensioners are still unsure of their situation, the company owes its fund $US2.8bn and has just deferred its latest payment.