logo

Kodak Reaches Improved Financing Deal Worth $830M

NEW YORK (AP) — Struggling photo pioneer Eastman Kodak Co. will get loans worth $830 million in a new financing package that replaces a $793 million deal.

The new package also has a longer maturity and lower fees. The offer comes from a committee of 10 institutional investors who all hold senior secured notes in Kodak.

The Rochester, N.Y., company says the funds will allow it to complete its reorganization and emerge from bankruptcy protection in the first half of next year.

The financing is subject to bankruptcy court approval and requires the company to complete the sale of its digital imaging patent portfolio for at least $500 million.

Kodak filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the world of digital photography.

WGGB encourages readers to share their thoughts and engage in healthy dialogue about the issues. Comments containing personal attacks, profanity, offensive language or advertising will be removed. Please use the report comment function for any posts you feel should be reviewed. Thank you.

Comments

WGGB encourages readers to share their thoughts and engage in healthy dialogue about the issues. Comments containing personal attacks, profanity, offensive language or advertising will be removed. Please use the report comment function for any posts you feel should be reviewed. Thank you.
blog comments powered by Disqus