More details released, that are new to at least me. Kodak has secured 800 million dollars in new financing, but MUST sell off their patents and consumer imaging divisions in order to secure the loans.
So now we have a timeline so to speak of when Kodak will be out of the film business. At longest they have until mid 2013.
"The deal, which still needs bankruptcy court approval, will come in the form of new loans from Centerbridge Partners, GSO Capital Partners, UBS (UBSN.VX) and JPMorgan Chase & Co (JPM), Kodak said in a statement. The financing is contingent on the company receiving at least $500 million for a patent portfolio it has been trying to sell for more than a year, Kodak said.
The package should allow Kodak to emerge from bankruptcy in the first half of 2013, Antonio Perez, Kodak's chief executive, said in the statement.
"The significance of this agreement for Kodak is that it establishes a clear path for our emergence as a stronger, more focused company," Perez said.
Kodak will likely be a different company exiting bankruptcy than it was going in. In addition to selling its patent portfolio, Kodak must sell all or part of its document imaging and personalized imaging businesses in order to convert the loan into post-bankruptcy financing."