Kodak Gets Approval for $950 Million Debtor-in-Possession Financing

Kodak Gets Approval for $950 Million Debtor-in-Possession Financing

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Rochester, NY—Kodak announced that Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York approved the company’s debtor-in-possession financing for $950 million between Kodak and its lenders and second-lien bondholders.

“Today’s agreement is another step towards ensuring that Kodak is positioned to execute on the goals the company set out last month: Bolster our liquidity in the U.S. and abroad, monetize our non-strategic intellectual property, fairly resolve legacy liabilities, and enable Kodak to focus on its most valuable business lines,” said Antonio M. Perez, chairman and chief executive officer.

Kodak and its U.S. subsidiaries filed to reorganize its U.S. business under Chapter 11 on January 19. Non-U.S. subsidiaries were not part of the filing. The $950 million includes the initial $650 million approved as part of the First Day Motions, as well an additional $300 million in incremental availability. kodaktransforms.com

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