Kodak pension trust sells $764M illiquid assets; board eyes termination with up to $585M surplus to Kodak

EASTMAN KODAK CO

Trust sells KRIP illiquid assets (NAV $764.4M) for $550.6M cash plus $87.3M NAV for $61.7M cash; closing Dec 31, 2024.
Board reviews KRIP termination; estimates surplus of $885M-$975M after liabilities satisfied.
Kodak projects receiving $530M-$585M after 20% excise tax; $220M-$245M goes to replacement plan.
Kodak expects to use ~$315M to prepay term loans, saving $40M annual interest; frees $215M-$270M for corporate use.
Timeline: 12-18 mo to satisfy liabilities; 18-24 mo before Kodak receives reversion proceeds.

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