M & A wrap: Kodak files for bankruptcy

January 19, 2012

Eastman Kodak, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America’s best-known companies. The more than 130-year-old photographic film pioneer said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

Kodak is preparing to appoint a chief restructuring officer who would report to the board and could have broad powers to manage the company’s finances and operations, The Wall Street Journal reports.

BankUnited Inc’s private equity owners abruptly pulled the lender off the market after a brief sale process drew offers below expectations.

The New York Times says hedge funds may sue Greece in a human rights court if the country doesn’t make good on its bond payments.

Hedge fund titan Steven A. Cohen is once again in the spotlight over allegations of improper trading at his $14 billion SAC Capital Advisors.

The transactions that JPMorgan handled for MF Global are drawing increased scrutiny because understanding MF Global’s money flow could aid in identifying missing customer funds, people familiar with the situation told Reuters.

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