DOW JONES NEWSWIRES
Eastman Kodak Co. (EKDKQ) said Monday it has retained James A.
Mesterharm as its new chief restructuring officer to help steer the
struggling film company through bankruptcy court, after Dominic
DiNapoli held the role for just a few days.
Kodak said the change "does not reflect any disagreement or
difference of opinion" between DiNapoli, a vice chairman at FTI
Consulting Inc. (FCN), and the company. Kodak had named DiNapoli
its chief restructuring officer Thursday, the same day it put
itself into bankruptcy court.
Mesterharm, a managing director with AlixPartners LLP, has been
involved with many chapter 11 bankruptcy cases, including those of
General Growth Properties Inc. (GGP), Safety-Kleen Systems Inc. and
Zenith Electronics Corp.
Kodak said AlixPartners will be its restructuring adviser during
the reorganization process, while FTI Consulting is expected to
continue to work on certain post-petition matters alongside
AlixPartners.
As chief restructuring officer, Mesterharm will support the
company's management team during its Chapter 11 reorganization and
will report directly to Kodak's board. Kodak said the duties of the
position won't change with Mesterharm's appointment.
Kodak filed for Chapter 11 bankruptcy protection Thursday
morning, after it ran short on cash needed to fund a
long-sputtering turnaround. Along with the patent issues, the
burden of retiree benefits, the weak economy and moves by vendors
to cut ties to the company were cited as factors in the move.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com