And they don't sell any assets, to raise any money?
They don't readjust the money that is allegedly underfunded in the pensions, then the pensions are over funded?
Eventually Kodak does sell assets as well, but that money will be used to hopefully pay off the 1.2 billion in trade credit and most senior debt. Then kodak negotiates a deal with remaining bondholders and the pension group to take new equity. This is how I see it. The pension committee will have to take common like GM. The remaining bond holders unlikely be willing to take NEW common(then become second to pensioners if kodak failed again), unless they were certain kodak would make substantial EBITDA(which is unknown at this point). Of course if the patents are sold for 1.5 billion we can revisit this equation. I think the big patent sale could be the 8 patents, but even if Gropper rules In Kodaks favor will Apple appeal before Kodak can sell them?? Thats the HUGE unknown.....