Economy
9:04 am
Tue November 13, 2012

Kodak Exiting Bankruptcy?

 Kodak has reached an agreement to borrow $793 million dollars, potentially allowing it to exit bankruptcy protection early next year.  The printing and photography company would borrow the money from a private investment firm, Centerbridge Partners, the lending arms of asset management firm The Blackstone Group and banks JP Morgan Chase and UBS. Eastman Kodak says it has taken another step on its path to emerge from bankruptcy in the first half of next year. The company also says the financing is contingent upon Kodak selling at least 500-million dollars worth from its digital imaging patent portfolio. The agreement with the lenders also stipulates that Kodak solve its pension obligations in the United Kingdom and complete all or a portion of the sale of its Document Imaging and Personalized Imaging businesses.