Eastman Kodak Co. said that it will seek court approval for a $406 million rights offering that could give creditors a big equity stake in the company after it emerges from chapter 11 protection, Reuters reported yesterday. Kodak said that creditors agreed to backstop an offering that would let the Rochester, N.Y.-based company issue 34 million common shares at $11.94 each, equal to about 85 percent of the equity of a reorganized company. Kodak has said that it hopes to emerge from chapter 11 in the third quarter of this year.
