WKYT | Lexington, Kentucky | News

Kodak secures up to $895M in financing

Kodak says it

MGN Online

ROCHESTER, N.Y. (AP) - Kodak says it's secured as much as $895 million to fund its operations after it emerges from bankruptcy protection.

J.P. Morgan, Bank of America Merrill Lynch and Barclays will supply senior secured term loans of up to $695 million.

The banks also will arrange a senior secured asset-based revolving credit facility of up to $200 million. They've agreed to provide $130 million of that facility.

Kodak says the financing will allow it repay loans that funded operations while under bankruptcy protection, finance its exit from Chapter 11 and fund its post-bankruptcy working capital, as well as provide cash.

The agreements are subject to court approval.

Eastman Kodak Co., based in Rochester, N.Y., filed for Chapter 11 bankruptcy protection in 2012 after years of cost-cutting efforts failed to save the company.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 212321961 - wkyt.com/a?a=212321961