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; firstname.lastname@example.org