ROCHESTER, N.Y. — Eastman Kodak said two directors from KKR resigned from its board, two years after the private-equity firm helped the 131-year-old imaging company refinance debt.
Adam Clammer and Herald Chen notified the board of their resignation Dec. 21, Kodak said Wednesday in a regulatory filing. Both were elected in September 2009 after a refinancing deal that included KKR investing in $300 million of senior bonds and warrants for 40 million shares. By agreeing to hold the investment for at least two years, among other conditions, the private-equity firm run by Henry Kravis and George Roberts was entitled to nominate two board members. Kodak shares have lost 86 percent since the deal was struck, closing Wednesday at 69 cents in New York. The warrant exercise price was $5.50 a share.
Kodak chairman and chief executive Antonio Perez, who took the helm in 2005, has sharpened Kodak’s focus on the printing business to help revive revenue. He is trying to sell a portfolio of more than 1,100 digital imaging patents, and other businesses.
