Adam Clammer and Herald Chen have resigned from the board of struggling photography company Eastman Kodak, Reuters reported, citing a Tuesday filing with U.S. regulators. Both directors represented private equity firm KKR & Co.
(Reuters) – Two Eastman Kodak directors resigned from the board last week, the struggling photography company said in a filing with U.S. regulators on Tuesday.
Both directors – Adam Clammer and Herald Chen – were representatives of private equity firm KKR & Co on Kodak’s board. Kodak said Clammer and Chen notified the company of their resignations on December 21.
Kodak did not give any further details as to why the directors resigned, and a spokesman was not immediately available for comment.
Kodak earlier this year drew down on its revolving credit facility and on November 3 told investors that it may need to issue new debt or complete a multibillion-dollar patent sale to survive the next year.
Kodak has hired Jones Day, a law firm known for restructuring cases, as well as restructuring firm FTI Consulting, but has denied that it intends to file for bankruptcy. It has been struggling to cope with the collapse of its film business.
(Reporting By Michael Erman, Additional reporting by Greg Roumeliotis; Editing by Gary Hill)