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9 Apr 2013, 11:15 am by Gene Quinn
Several weeks ago, Kodak announced that it closed its previously announced $848 million financing with members of the Steering Committee of the Second Lien Noteholders and other holders of Kodak’s Senior Secured Notes. [read post]
The first and second lien lenders’ claims were capitalized and paid in full, with interest, over time, but because of restrictions that limited cash payment of interest to the second lien lenders until the first lien debt was repaid in full, most of the interest that the second lien lenders would receive on the second lien debt would be PIK and not in cash. [read post]