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Kodak Receives Court Approval


January 29, 2013
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Eastman Kodak Company received approval from U.S. Bankruptcy Court Judge Allan Gropper to execute emergence plans from Chapter 11. The plan authorizes the company to borrow $844 million.
“The Court’s approval of this financing commitment puts Kodak in a strong position to emerge from Chapter 11. This agreement, in conjunction with the recently approved sale and licensing of our digital imaging patent portfolio, lays the financial foundation for our Plan of Reorganization and a successful emergence from Chapter 11 as a profitable and sustainable company,” said Antonio Perez, Chairman and Chief Executive Officer. “Taken together, these accomplishments, along with other recent developments, such as the resolution of certain of our legacy liabilities, demonstrate the tangible and meaningful progress Kodak is making as it moves through the final phase of its restructuring.”
This new step in emergence is due to its sale of part of the company’s patent portfolio, which was announced at the end of 2012 and will be completed in February. Upon meeting certain additional conditions, the approved financing also provides Kodak the option of converting up to $644 million of the loans into exit financing due five years after emergence.


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