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Rochester, N.Y. - Today, Eastman Kodak will seek court approval for a $406 million offering that would give creditors a large equity stake in the new company.
The proposal would give creditors up to 34 million shares at $11.94 each, or about 85 percent of the equity of Kodak.
The company plans to emerge from bankruptcy this year.
Without approval by July 2, bondholders can walk away from the deal.