Judge approves Kodak's new financial deal
Posted at: 01/23/2013 5:32 PM
A federal judge says Kodak can borrow more money to use toward coming out of Chapter 11 bankruptcy protection.
On Wednesday, the judge approved the new financial deal, worth up to $844 million. That's more than the $830 million announced late last year. Kodak says it can convert up to $644 million of that into exit financing, if it meets certain conditions.
Those include making its plan of reorganization official by September 30. Resolving pension obligations in the U.K. and selling either all or a portion of its document imaging and personalized imaging businesses.
Kodak says it continues to make progress in doing that.