Kodak Agrees to $793 Million in Interim and Exit Financing
Agreement with Centerbridge, GSO, UBS and JPMorgan Sets Kodak's Path to Emergence from Chapter 11 in the First Half of 2013.
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The financing is predicated on certain conditions and Kodak's achievement of certain milestones, including the successful completion of the sale of Kodak's digital imaging patent portfolio for no less than $500 million, which the company is confident it will achieve.
The commitment letter also contains provisions allowing for the conversion of up to $567 million of the loans into exit financing provided that Kodak meets certain conditions including the consummation of a Plan of Reorganization by Sept. 30, 2013, the resolution of all of Kodak's UK pension obligations and the completion of all or a portion of the sales of Kodak's Document Imaging and Personalized Imaging businesses.
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- Companies:
- Eastman Kodak Co.
- People:
- Antonio M. Perez
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