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Kodak Gets Flexible Financing
The bankrupt photography icon Eastman Kodak Inc was allowed to amend its financing deal in order to become more financially flexible as it girds to exit Chapter 11 bankruptcy protection. The company is expected to come out of bankruptcy by the second quarter of the year.
The amended agreement requires the company to raise US$600 million from the sale of non commercial imaging assets as well as its trademarks. The new deal is US$100 million lower and upon completion, would be submitted to the bankruptcy court for approval. Along with the deal, a reorganization plan would be filed after the company hires a search firm to search for new members of its board of directors. This part of the plan though needs both shareholder and bankruptcy court approval.
The camera giant, the inventor of the handheld camera had filed for bankruptcy protection in January of 2012 after the company could not adapt to the onset of digital photography.