Posts tagged: News

September News Heats Up Mobile Market

Carrie Sylvester
 Sep 20, 2013

Image credit: ZDNet

iOS (iPhone) in the News

Apple once again held true to its history of a September iPhone introduction. There was much speculation around the impending announcement and Apple delivered by introducing two models on September 11th — the iPhone 5c and the 5s. Although the overall excitement for some seems to be waning that never stops the true Fan Boys; the very day the phones were announced, there was a guy in Tokyo that lined up in front of his local Apple Store and lines continue to form wherever the phones will be available even though they will be available  on September 20th.

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How the U.K. Pension Plan Ended Up Owning a Big Part of Kodak

Ron Gilboa
 Apr 30, 2013

Yesterday Kodak and the U.K. Based Kodak Pension Plan (KPP) made news. Resolving their financial issues was only one element but surprisingly KPP ended up owning key Kodak businesses. In its release Kodak stated the following: “Eastman Kodak Company announced a settlement agreement with the U.K. Kodak Pension Plan (KPP).” KPP is Kodak’s largest creditor with respect to its Chapter 11 Plan of Reorganization. Under the agreement, which will be filed with the U.S. Bankruptcy Court, Kodak’s Personalized Imaging and Document Imaging businesses will be spun off under new ownership to KPP.”

“The settlement agreement provides, among other things, for the spin-off of Kodak’s Personalized Imaging and Document Imaging businesses to KPP for cash and non-cash consideration of $650 million. Certain proceeds will be used to support the emergence of Kodak from Chapter 11 and the growth of its Commercial Imaging business. The agreement also settles approximately $2.8 billion of claims by KPP against Kodak and certain of its affiliates.”

“The agreement will be implemented as part of Kodak’s Chapter 11 plan in the United States. At the consummation of the spin-off, Kodak and its worldwide affiliates will be released from their obligations to KPP. The UK Pensions Regulator (“the Regulator”) has been kept fully informed of this process and the Regulator has granted clearance in respect of the acquisition. The Regulator has decided that it will approve the release of Kodak Limited, the KPP’s sponsoring employer, from its liabilities to the KPP and the UK Pension Protection Fund has confirmed that it has no objection. Closing of the transaction is subject to the approval of the U.S. Bankruptcy Court, approval by the Regulator and the satisfaction or waiver of other conditions precedent.” Read more »

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