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Now with a patent sale, new financing and asset offloads under its belt, Kodak's homing in on when it might emerge from Chapter 11 bankruptcy. In January, the imaging giant predicted it might finally exit its financial default by mid-2013, and now it's filed paperwork with a New York court indicating it's on track to meet that goal sometime during its third quarter this year. In addition to the timeline update, the Plan of Reorganization and Disclosure Statement outlines how the firm's debts have been settled and its future plans, which place heavy emphasis on its commercial imaging business. A hearing for the document and associated strategy is anticipated to be scheduled in mid-June, and creditors will arrange a vote afterwards to decide if everything's to their liking. Kodak's certainly not out of the woods just yet, but it's plodding steadily towards the clearing.
[Image credit: Viktor Nagornyy, Flickr]
Source: Kodak
Best Buy founder Richard Schulze is proposing a plan to turn around the ailing electronics store as part of a $10 billion buyout. He's proposing the retailer slashes prices to compete with online rivals like Amazon, while offering Apple Store-levels of customer service. He's concerned that the current closure and size-reduction policy will spell the end of the business, which is rumored to announce another round of closures shortly. It's yet to be seen if his plan, which would mean running Best Buy at a loss for several years, would be accepted by the company's management, who are meeting to discuss the proposals at the end of the month.
Filed under: Misc. Gadgets
Best Buy founder wants slashed prices, Apple-style customer service in $10 billion rescue plan originally appeared on Engadget on Fri, 10 Aug 2012 11:06:00 EDT. Please see our terms for use of feeds.
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We're not in the habit of entering the dry world of corporate debt notes, but Sprint's latest financial release might disguise a juicy bit of news. There's a rumor in the business press that Dish Network might have bought around $400 million of Clearwire's debt -- helping relieve the pressure on Sprint, which has been keeping its subsidiary alive on handouts. Unsurprisingly, no-one's commenting on the rumors, although Dish CEO Joseph Clayton did say he was open to a partnership (or acquisition) with Sprint / Clearwire late last year. If true, it could signal that it's getting ready for a fight against AT&T -- or maybe it just wanted to throw Dan Hesse a bone.
Filed under: Wireless
Dish Network rumored to have bought Clearwire's $400 million debt in secret transaction originally appeared on Engadget on Fri, 10 Aug 2012 07:41:00 EDT. Please see our terms for use of feeds.
Permalink |Puget Sound Business Journal | Email this | Comments 
As expected, May 14th is indeed a dark day for LightSquared. The company has just filed paperwork in order to initiate Chapter 11 bankruptcy proceedings in Manhattan's US Bankruptcy Court, effectively killing its dream of providing a high-speed mobile wireless network to upwards of 260 million people. Not quite a year after Sprint and LightSquared put together an agreement that would ensure 15 years of blissful LTE enjoyment together, Philip Falcone's baby looks weaker than ever. With the Sprint tie-up now void, and over $1.6 billion in debt, there's probably not too many places for LS to turn. The primary hurdle -- one it never could seem to overcome -- was the FCC's outright refusal to believe any of the company's mitigation proposals in relation to GPS interference issues. Despite "profoundly disagreeing" and raising all sorts of chaos in an effort to get its way, LightSquared never did manage to convince the powers that mattered. Where it turns from here is anyone's guess, but it won't be a quiet fall from grace, we're surmising.
LightSquared officially files for Chapter 11 bankruptcy originally appeared on Engadget on Mon, 14 May 2012 14:24:00 EDT. Please see our terms for use of feeds.
Permalink |Bloomberg, Bankruptcy filing (PDF) | Email this | Comments 
Can't say it's striking us as any sort of surprise, but the seemingly destined-to-fail LightSquared just might be out of options. After getting a high-five from Sprint and plenty of attention for its initiatives in bringing yet another wireless option to America, those blasted GPS interference issues (or "supposed" issues, depending on who you ask) eventually became too much to overcome. According to a breaking report out of The Wall Street Journal, Philip Falcone's venture is seriously teetering on the edge of bankruptcy, as "negotiations with lenders to avoid a potential default faltered," according to the ever-present "people familiar with the matter." Purportedly, the two sides have until 5PM tomorrow to strike a deal that'll keep the firm out of bankruptcy court (if you'll recall, it owes over $1.6 billion dollars to various entities), but given just how far apart these sides remain, its fate seems all but sealed. We'll be keeping an ear to the ground for more, but don't go placing bets on yet another debt-term violation waiver.
WSJ: LightSquared 'preparing' for bankruptcy protection filing, final decision coming tomorrow originally appeared on Engadget on Sun, 13 May 2012 11:11:00 EDT. Please see our terms for use of feeds.
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Carl Icahn is no stranger in this field -- he's been caught tussling with Motorola and bidding Yahoo's board adieu in recent years -- and most recently, he's managed to get caught up in one of the bigger wireless whirlwinds this planet has ever seen. Just months after Icahn swooped in to buy some $250 million in company debt at around 40 cents on the dollar, he has managed to offload that very chunk for 60 cents on the dollar. Not surprisingly, his cash coffers are growing in turn, despite LightSquared's position as a whole looking only marginally less bleak. According to a Reuters report, creditors have agreed to another week-long extension (until May 14th) in order to talk things over with head honcho Philip Falcone. As of now, the startup has around $1.6 billion in debt, and while talks may delay the pain, we're still not getting the impression that the FCC (or anyone else, really) is warming to its propositions. Then again, maybe Facebook can just buy it in an act of charity prior to its IPO.
Carl Icahn unloads his LightSquared debt, creditor talks trudge on originally appeared on Engadget on Wed, 09 May 2012 03:11:00 EDT. Please see our terms for use of feeds.
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