Eastman Kodak Company Receives Court Approval of Completed Debtor-in-Possession Financing
Eastman Kodak Company (OTB: EKDKQ.PK) announced today that Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York entered a final order approving the Company's debtor-in-possession financing for $950 million between Kodak and its lenders and second-lien bondholders.
Antonio M. Perez, Chairman and Chief Executive Officer, stated: “Today's agreement is another step towards ensuring that Kodak is positioned to execute on the goals the Company set out last month: Bolster our liquidity in the U.S. and abroad, monetize our non-strategic intellectual property, fairly resolve legacy liabilities, and enable Kodak to focus on its most valuable business lines.”
Kodak and its U.S. subsidiaries filed to reorganize its U.S. business under Chapter 11 on Jan. 19. Non-U.S. subsidiaries were not part of the filing. The $950 million includes the initial $650 million approved as part of the First Day Motions, as well an additional $300 million in incremental availability.
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