Kodak Says Court Approves $650M of Debtor in Possession Financing on $950M Committed Facility

Eastman Kodak Company

today announced that Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York has approved initial availability of $650 million in interim Debtor-in-Possession financing by Citigroup. Kodak will use these funds, among other things, to pay vendors and other suppliers for all post-petition goods and services, and to operate its day-to-day business activities. The Judge set February 15, 2012 as the date of a hearing to issue the final order regarding first day motions. As announced earlier today, Eastman Kodak Company and its U.S. subsidiaries filed to reorganize its U.S. business under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. Non-U.S. subsidiaries were not part of the filing. The interim DIP approved as part of the first day motions represents the first portion of the fully-committed, $950 million debtor-in-possession credit facility that it obtained from Citigroup to enhance liquidity and working capital.