Kodak Said to Arrange Financing for Bankruptcy Emergence
Eastman Kodak Co., the bankrupt photography pioneer, arranged $793 million in financing from some creditors to exit bankruptcy as a commercial-printing company, said a person familiar with the negotiations. Funding is conditional on selling its patent portfolio for at least $500 million, progress in the sale of two business units and the resolution of the U.K. pension obligations.
A group of second-lien noteholders separately said in a court filing today that they have lost faith in management, claiming the company’s ability to successfully restructure and exit bankruptcy has been jeopardized.
Centerbridge Capital Partners, GSO Capital Partners, UBS AG and JPMorgan Chase