Another iconic American brand is in trouble — and it’s looking to hedge funds for aid. Eastman Kodak Co., best known for the little rolls of film that captured life’s moments in the predigital age, has not turned an annual profit since 2007 and is telling investors it needs
||Illustration by Joe McLaren|
$500 million to survive beyond 2012. Like General Motors’ finance arm and Chrysler Corp. before it, Kodak is courting hedge funds as a source of rescue capital, talking with Centerbridge Partners, Cerberus Capital Management, Highbridge Capital Management and Silver Point Capital about a possible cash injection.
Any distressed debt fund that rides into Kodak’s Rochester, New York, headquarters, however, is going to find resistance from at least five hedge funds and other investors that have already plowed money into the struggling enterprise. The trouble for Kodak is that existing investors are deeply divided on how...