Akin Gump Represents Kennedy Lewis as Kodak Announces New Capital Sources & Debt Structure to Further Strengthen Financial Position

(New York) – Eastman Kodak Company today announced a series of financial transactions that provide access to new capital, address maturing obligations, and strengthen the Company’s ability to invest in strategic growth opportunities in print, advanced materials and chemicals.

Kennedy Lewis Investment Management LLC has provided Kodak with an initial $225 million term loan and a commitment to provide delayed-draw term loans of up to an additional $50 million which may be drawn on or before February 26, 2023. The term loans have a five-year maturity and are non-amortizing. Additionally, Kennedy Lewis has purchased one million shares of the Company’s common stock at a purchase price of $10 per share, as well as $25 million of the Company’s newly issued 5.00% unsecured convertible promissory notes due May 28, 2026.

As part of the agreement, Kennedy Lewis will have the right (subject to certain conditions), for three years or until they hold less than 50% of the initial principal amount of the term loans, to nominate one person to be elected to the Company’s board of directors.

A team from Akin Gump advised Kennedy Lewis. The team was led by Dan Fisher, head of the firm’s integrated special situations group, and fellow partners Fred Lee and Zachary Wittenberg

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Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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