Investors in Eastman Kodak debt have been talking to law firms and restructuring advisory firms as the company looks at its own strategic options, according to an analyst and a source close to the creditors.

Houlihan Lokey, a well known bankruptcy and restructuring advisory firm, is pitching creditors to represent any sort of ad hoc committee they may form, according to Amer Tiwana, a senior analyst and managing director at CRT Capital Group LLC, a broker-dealer. Houlihan Lokey was not immediately available for comment.

A bankruptcy is not imminent but the company is burning through $600 to $700 million annually in cash excluding any asset sales, according to Tiwana, who specializes in distressed company research. The management is unlikely to file for bankruptcy until they run out of cash, he said.

In addition, a source close to the creditors said that the bondholders are also taking pitches from law firms to provide advice. Kodak has about $1.5 billion in outstanding debt and last week touched off investor concerns when it drew down on a revolving credit line, saying they would use the money for general corporate purposes.

Manufacturing