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Concurrent Rights Offerings by Chapter 11 Debtors

By Michael H. Torkin and Chiansan Ma
January 28, 2014

Last month, we discussed how Eastman Kodak Company conducted the first-ever parallel rights offerings in connection with its Chapter 11 plan of reorganization. The structure was designed to raise capital for Kodak's emergence from Chapter 11 through a public offering and a separate private placement of reorganized Kodak equity to a pool of Kodak's eligible unsecured creditors, without requiring that the offerings be registered with the Securities and Exchange Commission (SEC) pursuant to the Securities Act. The discussion continues herein.

Structuring the 4(2) Offering

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