Comments
Kodak said today it has secured as much as $895 million to fund its operations after it emerges from bankruptcy protection.
JP 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 have agreed to provide $130 million of that facility.
Kodak said 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, New York, filed for Chapter 11 bankruptcy protection in 2012 after years of cost-cutting efforts failed to save the company.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.