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Kodak - the face of financial distress and the many chapters after 11
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This case study is focused on corporate valuation from the angle of financial distress, bankruptcy, and restructuring. It makes use of both intrinsic and relative approaches to corporate valuation. This section will only cover the last. Based on Kodak’s and their comparable companies’ financial data for 2011 and 2015, we discuss the Comparables method reliability and come to the conclusion that companies in distress are very difficult to vale by comparison when their competitors are healthy. Both pre-bankruptcy and post-bankruptcy results were inaccurate: Kodak was evaluated as overrated in imminent bankruptcy and undervalued when performing above its reorganization plan’s expectations.
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Corporate finance Financial distress Bankruptcy Restructuring Altman Z score model Discounted cash flow Corporate valuation Kodak Eastman kodak