In a supplement to its Plan of Reorganization filed with the U.S. Bankruptcy Court for the Southern District of New York, Eastman Kodak Company named the individuals selected to serve on the Board of Directors of reorganized Kodak by the parties providing the backstop to Kodak’s recently completed rights offering and the Unsecured Creditors Committee (UCC). The term of the new Board members will begin upon Kodak’s emergence from Chapter 11, and is subject to the confirmation of the Plan by the Bankruptcy Court.
The proposed appointees to the Board of reorganized Kodak are:
• Mark S. Burgess, chairman of the Clondalkin Group, a global manufacturer of flexible and specialty plastic packaging solutions and former CEO of Graham Packaging Company.
• James V. Continenza, president of STi Prepaid, LLC, a telecommunications company, who formerly served in executive positions with Anchor Glass Container Corp. and Teligent, Inc. Mr. Continenza has been a Kodak director since April 1, 2013.
• George Karfunkel, chairman of Sabr Group, a consulting company, and co-founder and former senior vice president of American Stock Transfer & Trust Company, LLC.
• Jason New, a senior managing director of The Blackstone Group and head of special situation investing for GSO Capital Partners, who previously served in senior positions with Credit Suisse and Donaldson, Lufkin & Jenrette.
• William G. Parrett, former senior partner of Deloitte & Touche USA LLP, a public accounting firm, where he held several executive positions, including CEO of Deloitte Touche Tohmatsu and managing partner of Deloitte & Touche USA. Mr. Parrett has been a Kodak director since November 2007 and serves as chairman of the Board’s Audit & Finance Committee.
• Derek Smith, a managing principal and senior portfolio manager at BlueMountain Capital Management, who previously worked in senior investment management positions with Deutsche Bank and Goldman Sachs.
• Matt Doheny, president of North Country Capital LLC, an advisory and investment firm, who previously served as managing director of the Distressed Assets Group of Deutsche Bank Securities Inc.
• John A. Janitz, co-founder and chairman of Evergreen Capital Partners, LLC, an investment firm that provides advisory services and co-invests with private equity sponsors, who previously served as co-managing principal for Questor Management Company LLC, a turnaround capital investment firm, and as president and COO of Textron Inc., a $10 billion NYSE-listed multi-industry company.
Antonio M. Perez, chairman and CEO of Kodak and a director since October 2004, will remain on the Board.
“These highly accomplished and proven business leaders bring a rich combination of capabilities in technology, packaging, corporate strategy and finance – all key areas of focus for the new Kodak,” said Mr. Perez. “I look forward to working with the members of this strong and well-suited board.”
The current Board of Directors will remain in place until the new Board takes on its responsibilities upon emergence. The new Board members will serve until the next annual meeting of the company’s stockholders.
The confirmation hearing on the Plan is currently scheduled for Aug. 20, 2013.