Kodak, Lenders Close $848 Million Deal to Facilitate Exit from Bankruptcy

Kodak closed its $848 million finance deal with members of the Steering Committee of the Second Lien Noteholders and other holders of Kodak’s Senior Secured Notes. Kodak says this new arrangement, together with the amendment and restatement of Kodak’s existing debtor-in-possession credit agreement, strengthens its position to execute its remaining reorganization objectives and successfully emerge from Chapter 11 bankruptcy.

“This is another important step toward our emergence as a profitable and sustainable commercial imaging company,” said Antonio M. Perez, Kodak’s Chairman and Chief Executive Officer, adding, “We are now working to finalize our Plan of Reorganization and complete the remaining work required for us to emerge as a stronger company, focused on ongoing innovation to meet our customers’ needs.”

Proceeds from the financing and intellectual property transactions previously announced will be used to repay the term loans outstanding under Kodak’s existing debtor-in-possession credit agreement, make a sufficient protection payment to holders of the Senior Secured Notes, and support ongoing business activities.

Kodak is required to file its Plan of Reorganization with the Court by April 30, 2013 under the financing agreement. The financing also provides Kodak the opportunity to transform part of the facility into exit financing if certain conditions are met.

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