January 19, 2012 / 3:37 AM / 8 years ago

Kodak preparing to name restructuring officer - WSJ

Jan 18 (Reuters) - Eastman Kodak Co is preparing to name a chief restructuring officer as it looks for ways to raise financing to keep the company in business during bankruptcy proceedings, the Wall Street Journal reported, citing people familiar with the matter.

While the company has not finalized the appointment, Dominic Di Napoli, a vice chairman at FTI Consulting Inc, which is helping Kodak with restructuring, is among those being considered for the role, the report said.

Antonio Perez would continue as Kodak’s chief executive, the Journal said.

Kodak’s management and board, which was briefed on Friday about the company’s efforts to secure bankruptcy financing, has been advised that naming a restructuring chief would make it easier to attract investors, the report said.

Kodak has been under pressure ever since September when it drew cash from a credit line, tipping investors off to liquidity issues.

The company is working on details of a bankruptcy filing after struggling to sell a portfolio of patents that would help bolster its cash position, the report said.

It has had talks with possible lenders, including Citigroup Inc, for about $1 billion in debtor-in-possession financing that would be used if the company files for bankruptcy protection, the report said.

On Wednesday Kodak said it has filed a lawsuit against Samsung Electronics Co, alleging infringement of certain patents related to Kodak digital imaging technology.

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