Kodak, lenders close financing agreement
Posted at: 03/22/2013 2:30 PM
Kodak says it has closed its previously-announced $848-million financing with members of the Steering Committee of the Second Lien Noteholders and other holders of Kodak's Senior Secured Notes.
The company says this new financing, in addition to an existing credit agreement, strengthens its position to successfully emerge from bankruptcy.
“This is another important step toward our emergence as a profitable and sustainable Commercial Imaging company," said Antonio M. Perez, Chairman and Chief Executive Officer. "We are now working to finalize our Plan of Reorganization and complete the remaining work required for us to emerge as a stronger company, focused on ongoing innovation to meet our customers' needs."
Under the agreement, Kodak is required to file its Plan of Reorganization with the Court by April 30 which it’s on track to do.