Posted at: 08/01/2013 3:03 PM
Updated at: 08/01/2013 4:39 PM
Kodak says it has received $695-million in loan commitments from lenders to exit bankruptcy and operate post-emergence.
The company says it has a $420-million six-year first lien term loan and a $275-million seven-year second lien term loan. Kodak says these loan terms will allow it to save at least $25-million in interest within the first year.
Kodak CEO Antonio Perez said, “These new financing commitments demonstrate the financial market’s confidence in our Plan of Reorganization and provide Kodak substantially more advantageous terms than the existing DIP rollover commitment. The result will be significant savings for Kodak as we execute our post-emergence business strategy and generate value for our stakeholders.”
The company says documentation will be filed with the U.S. Bankruptcy Court in the coming days.