Kodak strikes $895 million loan to fund its rebirth post-bankruptcy

Kodak says the financing will allow it repay loans that funded operations while under bankruptcy protection, finance its exit from Chapter 11 and fund its post-bankruptcy working capital, as well as provide cash

hidden June 20, 2013 20:13:59 IST
Kodak strikes $895 million loan to fund its rebirth post-bankruptcy

New York: Kodak says it's secured as much as $895 million to fund its operations after it emerges from bankruptcy protection.

J.P. Morgan, Bank of America Merrill Lynch and Barclays will supply senior secured term loans of up to $695 million.

The banks also will arrange a senior secured asset-based revolving credit facility of up to $200 million. They've agreed to provide $130 million of that facility.

Kodak strikes 895 million loan to fund its rebirth postbankruptcy

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Kodak says the financing will allow it repay loans that funded operations while under bankruptcy protection, finance its exit from Chapter 11 and fund its post-bankruptcy working capital, as well as provide cash.

The agreements are subject to court approval.

Eastman Kodak Co., based in Rochester, New York, filed for Chapter 11 bankruptcy protection in 2012 after years of cost-cutting efforts failed to save the company.

AP

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