Kodak 2013 Annual Report Download - page 76

Table of Contents
Reorganization adjustments
Other fees and expenses represent $7 million payment for accrued and unpaid interest related to the repayment of debt and $9 million
payment for emergence and success fees, which is included in Reorganization items, net in the Consolidated Statement of Operations.
PAGE 71
(a) On the Effective Date, Kodak completed the sale of substantially all of its assets constituting the Personalized Imaging and Document
Imaging businesses to KPP Holdco Limited. This transaction has been reflected in the Predecessor Company period. Refer to Note 26,
“
Discontinued Operations
”
for additional information.
1.
Reflects the net cash payments recorded as of the Effective Date from implementation of the Plan:
(in millions)
Sources:
Net proceeds from Emergence Credit Facilities
$
664
Proceeds from Rights Offerings
406
Total sources
$
1,070
Uses:
Repayment of Junior DIP Term Loans
$
644
Repayment of Second Lien Notes
375
Claims paid at emergence
94
Funding of escrow accounts
113
Other fees and expenses
16
Total uses
1,242
Net uses
$
(172
)
2. Reflects the funding of $80 million to the professional fee escrow account for professional fees accrued at emergence and $18 million
related to the EBP Settlement Agreement. Refer to Note 2, “Emergence from Voluntary Reorganization under Chapter 11 Proceedings”
for additional information regarding the EBP Settlement Agreement.
3. Reflects the expiration of tax attributes, which was fully offset by a corresponding decrease in Kodak’s U.S. valuation allowance, as a
result of the Debtors
’
emergence from chapter 11 bankruptcy proceedings. Refer to Note 17,
“
Income Taxes
”
for additional information.
4. Represents the write-off of unamortized debt issuance costs of $1 million related to the Junior DIP Credit Agreement upon repayment in
full of all outstanding term loans on the Effective Date. This amount has been included in Reorganization items, net in the Consolidated
Statement of Operations.
5.
Represents the funding of $15 million in cash collateralization for letters of credit under the ABL Credit Facility.
6.
Represents $8 million of debt issuance costs incurred related to the Emergence Credit Facilities.
7. Represents the write-off of $5 million of deferred debt issuance costs upon repayment in full of all loans outstanding under the 9.75%
senior secured notes due 2018 and 10.625% senior secured notes due 2019 and the write-off of $3 million of deferred equity issuance
costs. These amounts have been included in Reorganization items, net in the Consolidated Statement of Operations.
8.
Represents $6 million in claims expected to be satisfied in cash that were reclassified from Liabilities subject to compromise.
9. Represents $3 million of accrued expenses related to the Emergence Credit Facilities that have been deferred and recorded as part of
Other Current assets.
10. Represents $13 million in success fees accrued upon emergence that have been included in Reorganization items, net in the Consolidated
Statement of Operations.
11. On the Effective Date, the Company repaid in full all term loans outstanding under the Junior DIP Credit Agreement for an aggregate
remaining principal amount of approximately $644 million offset by $3 million of unamortized debt discount that was written off upon
repayment of the debt and is included in Reorganization items, net in the Consolidated Statement of Operations.