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BROTHER INDUSTRIES LTD Signs Agreement To Purchase Document Imaging Business Of Eastman Kodak Co

Monday, 15 Apr 2013 08:45am EDT 

BROTHER INDUSTRIES LTD announced that it has entered into an agreement with Eastman Kodak Co to acquire certain assets of Kodak's Document Imaging business (DI). The agreement is the initial stalking horse bid under Section 363 of the U.S. Bankruptcy Code, to be followed by an orderly auction process under certain procedures set forth in the agreement.1 Under the agreement, Brother would acquire these assets for approximately USD 210 million in cash subject to certain price adjustments, plus the assumption of specified liabilities. Brother will assume the specified assets and liabilities of DI, which include approximately USD 67 million2 deferred revenue liabilities associated with customer prepayments. If Brother is selected as the successful bidder at the auction, or if no qualified competing bids are timely submitted, and subject to court and other regulatory approvals, the Company expects to complete the acquisition in the third quarter of 2013. Kodak and its U.S. subsidiaries filed for reorganization under chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York on January 19, 2012. Kodak's non-U.S. subsidiaries are not in bankruptcy. The transaction requires approval from U.S. bankruptcy court and is subject to a competitive bidding process under Section 363. The transaction is also subject to regulatory approvals and other customary closing conditions. 

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-6.0 -0.32%
29 Jul 2014