Kodak Professionals Agree to Cut Fee Request
Professionals working for bankrupt Eastman Kodak Co. and its official creditors’ committee agreed to cut by 1.7 percent an initial request for $38.3 million to cover fees and expenses through the end of April.
Richard Stern, the court-appointed fee examiner, negotiated with Kodak’s lawyers and advisers and won an agreement to reduce by $651,000 the amount sought for work since the start of the Chapter 11 case in January, according to a report filed in U.S. Bankruptcy Court in Manhattan.
Sullivan & Cromwell LLC, Kodak’s primary law firm, cut its $10.9 million in fees by $300,000, on top of a voluntary $600,000 reduction taken earlier.
Milbank Tweed Hadley & McCloy LLP, representing the creditors’ committee, trimmed its $4.54 million in fees by $125,000.