Kodak Files for Chapter 11; Citigroup to Provide DIP Loan
Eastman Kodak Co. has filed for bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of New York. The company listed approximately $5.1 billion in assets and about $6.8 billion in debt.
Kodak has entered an agreement with Citigroup to provide a $950 million debtor-in-possession (DIP) loan. The loan has a term of 18 months.
A Bloomberg article noted that Kodak said it plans to sell off “significant assets,” during the bankruptcy process. The company has already tried to unload over 1,000 digital imaging patents and royalties.
Kodak’s biggest unsecured and secured creditor is Bank of New York Mellon, owed $668 million in unsecured notes, and a secured claim of $776 million, the article said.
To read the Bloomberg article in its entirety, click here.
Previously on abfjournal.com: