Eastman Kodak Co. (EKDKQ:US) said cash on the balance sheet for the companies in Chapter 11 declined by $92.4 million in August.
Cash fell 21 percent to $345.8 million among the bankrupt companies, according to an operating report filed Sept. 28 with the U.S. Bankruptcy Court in New York. The net loss was $79.3 million after $12.6 million in interest expense and $11 million in reorganization costs. Sales were $168.4 million.
Kodak said that cash has increased among foreign operations that aren’t in bankruptcy. The company “is getting 71 percent of sales and growing from its non-U.S. businesses,” Ken Luskin, president of Intrinsic Value Asset Management Inc. in Santa Monica, California, said in an e-mail.
“Focusing on just 29 percent of Kodak is not an effective way of understanding the value of the company,” said Luskin, who own Kodak stock and unsecured bonds.
Kodak on Sept. 28 filed a second request for an expansion of the exclusive right to propose a reorganization plan. If approved by the judge at an Oct. 17 hearing, the plan-filing deadline will become Feb. 28.
Kodak plans to exit bankruptcy in the first half of 2013. The company, based in Rochester, New York, filed for Chapter 11 reorganization in January, listing $5.1 billion in assets and $6.75 billion in debt.
Kodak’s Chapter 11 case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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