Posted at: 11/28/2012 6:56 PM
By: Associated Press
NEW YORK (AP) - Struggling photo pioneer Eastman Kodak Co. will get loans worth $830 million in a new financing package that replaces a $793 million deal.
The new package also has a longer maturity and lower fees. The offer comes from a committee of 10 institutional investors who all hold senior secured notes in Kodak.
The company says the funds will allow it to complete its reorganization and emerge from bankruptcy protection in the first half of next year.
The financing is subject to bankruptcy court approval and requires the company to complete the sale of its digital imaging patent portfolio for at least $500 million.
Kodak filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the world of digital photography.