tech:

taffy

Kodak Seeks Approval For Rights Offering

Subject to court approval, key Eastman Kodak creditors have agreed to backstop a $406 million rights offering for common stock in the company upon its emergence from Chapter 11.

The proposed rights offering permits Kodak to offer its creditors up to 34,000,000 shares of common stock for the per share purchase price of $11.94, equivalent to approximately 85% of the equity of Kodak upon emergence.

Kodak expects to use the proceeds of the rights offering to fund distributions under Kodak’s revised Plan of Reorganization, including the repayment of its second lien creditors, who will no longer receive equity in the plan. 

The creditors proposing the backstop commitment are GSO Capital Partners, BlueMountain Capital, George Karfunkel, United Equities Group and Contrarian Capital.

Kodak has filed a motion to approve the backstop commitment with the U.S. Bankruptcy Court for the Southern District of New York, which is scheduled to be heard on June 25, 2013, at the same hearing as Kodak’s motion to approve its amended Disclosure Statement. Kodak also filed an amended plan of reorganization.

Just in

UnitedHealth Group has paid more than $2 billion to providers following cyberattack — CNBC

UnitedHealth Group said Monday that it’s paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare, writes Ashley Capoot.

Dell tells remote workers that they won’t be eligible for promotion — Ars Technica

The upcoming policy update represents a dramatic reversal from Dell's prior stance on work from home (WFH), writes Scharon Harding.

Hippocratic AI raises $53M

Palo Alto, Calif.-based Hippocratic AI, a company building a Large Language Model (LLM) for healthcare, has closed a $53 million Series A funding round.