Kodak reaches financing deal with creditors
Posted at: 11/12/2012 11:31 AM | Updated at: 11/12/2012 5:56 PM
Kodak has agreed to a financing deal with its creditors which will help the company emerge from bankruptcy as a commercial printing company.
The $793 million deal hinges on Kodak being able to sell its 1100 digital patents for at least $500 million. Kodak must all sell of its document imaging and personalized imaging businesses and reach a pension deal with former employees in the United Kingdom.
Kodak is still in talks with Apple, Google and Microsoft on the patent sale. The financing deal still requires approval from the bankrupcty judge.
Kodak recently received approval from the U.S. Bankruptcy Court to terminate health care coverage for its retirees – something Kodak said it needed to do to successfully emerge from bankruptcy.