Bloomberg reported that Kodak is seeking $695 million in loans in order to complete its bankruptcy reorganization. The article said the financing will include a six-year, $420 million term loan.
The bankruptcy court approved Kodak’s disclosure statement, cornerstone investment and agreement to secure new exit financing and post-emergence facilities arranged by J.P. Morgan and BofA Merrill Lynch.
Eastman Kodak announced, subject to court approval, key creditors have agreed to backstop a $406 million rights offering for common stock in the company upon its emergence from Chapter 11.
FoxBusiness reported that Kodak agreed to sell some of its Document Imaging assets to Japan-based Brother Industries. The article said that the cash deal is valued at $210 million.
Kodak announced the closing of its previously announced $848 million financing with members of the steering committee of the second lien noteholders and other holders of Kodak’s senior secured notes.
Fox Business News reported that a judge approved changes to Eastman Kodak’s bankruptcy financing that will give the company more flexibility as it continues its pursuit of a Chapter 11 exit plan.
Kodak reached an agreement with the Steering Committee of the Second Lien Noteholders to amend the terms for the previously-announced interim and exit financing package. The amendments provide Kodak with additional flexibility to execute its reorganization and emergence from Chapter 11.
Kodak received approval from the U.S. Bankruptcy Court for the Southern District of New York for the company’s previously announced interim and exit financing commitment, which authorizes Kodak to borrow up to $844 million and emerge from Chapter 11 in mid-2013.