Kodak Raising Cash from Sale to Private Equity Firm ROCHESTER, NY (WXXI) - Eastman Kodak Company shares slumped today after company officials announced a deal with one of the world's biggest private equity firms: Kohlberg, Kravis and Roberts -- or KKR. Kodak is raising cash by selling $400-million in notes to KKR, and issuing warrants allowing KKR to buy up to 53-million Kodak shares. Longtime Kodak observer and wealth management advisor TC Lewis says the move was unexpected.

"This move in its totality is a bit of a surprise. It would seem to indicate weakness, more weakness than I thought there was," said Lewis.

KKR would also get two members on the board of directors when the deal closes.

© Copyright 2009, WXXI