Report: Kodak shuffles restructuring advisers
ROCHESTER, N.Y.—Eastman Kodak Co. has reportedly shuffled its restructuring advisers in its battle to shore up its finances and steer clear of bankruptcy.
The Wall Street Journal reported Tuesday that Kodak has hired Sullivan & Cromwell's restructuring practice to advise on ways to rework its finances. Citing sources it did not name, the newspaper says Kodak is no longer being advised by Jones Day's restructuring practice.
The newspaper says the shift is meaningful because Simon & Cromwell often advises companies on transactions that don't involve bankruptcy court.
Kodak spokesman Gerard Meuchner says Kodak has employed Sullivan & Cromwell for decades and still retains Jones Day "but we don't itemize the work any of our advisers do for us."
Kodak insists it had no intention of filing for bankruptcy protection.
Its shares rose 4 cents to $1.09 per share in morning trading Tuesday.