Posted at: 03/01/2013 9:16 AM
Kodak says it has reached an agreement with its lenders to change the terms of the company’s interim and exit financing.
The changes include Kodak committing to make at least $600-million in cash proceeds and to hire a search firm to begin looking for new directors for the Board of Directors. The current board will also appoint an additional independent director to serve on the Board following Kodak’s emergence from bankruptcy.
Kodak CEO Antonio Perez said, “We are establishing a clear path for our emergence as a stronger, focused Commercial Imaging company. As we move toward finalizing our Plan of Reorganization, we are pleased to have reached an agreement with our lenders that gives Kodak additional financial flexibility in how we reach our ultimate goal of a successful emergence with a sustainable business model.”
Kodak says the changes will give it flexibility to emerge from Chapter 11 bankruptcy in 2013.