Eastman Kodak surges after plan to end US pension plan

Eastman Kodak

25/11/2024 15:46

** Eastman Kodak's  KODK.N  shares rise 25.21% to $6.60 in
morning trade 
    ** KODK, best known for photographic films products, says in
a filing it is considering terminating its U.S. pension plan
    ** Co to sell certain illiquid assets of the Kodak
Retirement Income Plan, valued at $764.4 million, to Mastercard
Foundation for $550.6 million
    ** Kodak aims to gain between $530 million and $585 million
after selling illiquid assets, resolving liabilities, and
replacing the existing pension plan with a new one
    ** Kodak estimates surplus assets between $885 million and
$975 million after satisfying KRIP liabilities
    ** As of last close, shares up ~68% YTD
   

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.Chaudhary@thomsonreuters.com))