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Kodak hires new restructuring lawyers

Sullivan & Cromwell to take over for Jones Day

Things are hardly picture-perfect over at Eastman Kodak Co. The photographic equipment company has selected a new law firm to handle its restructuring as part of its ongoing struggle to avoid bankruptcy.

The Wall Street Journal reports that Kodak has hired law firm Sullivan & Cromwell to handle its refinancing, taking over for Jones Day, which the company hired earlier this year to serve as its restructuring counsel.

Kodak’s initial hiring of Jones Day, a firm well known for bankruptcy cases, fanned the flames of rumors that the photography company was on the verge of filing for bankruptcy. But Kodak has continued to deny these claims, despite the fact that it has not been profitable since 2007.

Neither has the company confirmed the change in its restructuring counsel, claiming it has employed Sullivan & Cromwell since 1974, and that Jones Day remains in its employ as well.

In a Nov. 3 filing, Kodak said that, barring a patent sale or debt financing, it would be unable to make its interest and debt payments, or contribute to employee benefit plans, among other things.

Read more at Thomson Reuters.

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