Report: Eastman Kodak Lines Up Financing
ROCHESTER, NY—Eastman Kodak has arranged $793 million in financing from certain creditors to emerge from bankruptcy as a “commercial printing company,” Bloomberg reported, citing a person familiar with the negotiations.
The agreement, which requires court approval, would see second-lien creditors Centerbridge Capital Partners, GSO Capital Partners, UBS AG and JPMorgan Chase participating in the financing, according to Bloomberg. The financing is dependent upon Kodak selling its patent portfolio for no less than $500 million, said the person familiar with the negotiations.
The sale of two business units and resolving its United Kingdom pension obligations are other conditions of the financing. Kodak filed for Chapter 11 bankruptcy last January and plans to exit the protection during the first half of 2013.
Kodak hopes to sell certain business units, including consumer film, photo kiosk and commercial scanner. It hopes to auction off its digital imaging patents.