Kodak Says It Needs More Time to Reorganize

The printing and imaging company on Friday filed a motion with U.S. Bankruptcy Court asking for an additional six months to put together its restructuring plan. Under bankruptcy law, a company is given 120 days from filing Chapter 11 to propose a plan for its turnaround, and 60 days beyond that to exclusively lobby its various creditors to sign on to that plan.

Kodak’s deadline for filing the plan, which ultimately has to be approved by the court, is May 18.

Such extensions are common in bankruptcies, said Ingrid Palermo, a bankruptcy attorney with the office of Bond Schoeneck & King.