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Jan. 19 (Bloomberg) -- Eastman Kodak Co. bonds dropped after the 131-year-old imaging company filed for bankruptcy protection.
The company’s $250 million in 7.25 percent senior unsecured notes due November 2013 dropped 4.25 cents to 28.75 cents on the dollar as of 9:42 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The notes have plunged from 86.5 cents on Aug. 31 and from par as late as April.
The inventor of Instamatic cameras filed for bankruptcy today after revenue tumbled from traditional film and it lagged competitors Canon Inc. and Hewlett-Packard Co. in digital cameras and printers.
A committee of banks and investors that governs the credit- default swaps market was asked to rule whether the bankruptcy filing triggered payouts on contracts linked to its debt, the International Swaps and Derivatives Association said on its website.
Banks, hedge funds and other investors had bought or sold a net $788.8 million of protection against a Kodak default as of Jan. 13, according to the Depository Trust & Clearing Corp.
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