Kodak Adopts Plan to Preserve Valuable Net Operating Losses
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Kodak's ability to use the tax attributes would be substantially limited if there were an "ownership change" as defined under Section 382 of the U.S. Internal Revenue Code and related U.S. Treasury regulations. In general, an ownership change would occur if Kodak's "5-percent shareholders," as defined under Section 382, collectively increase their ownership in Kodak by more than 50 percentage points over a rolling three-year period. Accordingly, the NOL Rights Agreement has a three-year term, although the Kodak Board of Directors has determined to review the plan periodically in light of developments at the company, including in connection with the use and value of the NOLs and the status of the patent portfolio strategic initiative.
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- Companies:
- Eastman Kodak Co.
- Places:
- U.S.
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