Kodak accepts £518m finance offer

Eastman Kodak has accepted an $830m (£518m) financing offer from a group of bondholders as it aims to emerge from bankruptcy in the first half of 2013, the company announced yesterday.

By The Newsroom

Published 30th Nov 2012, 06:00 BST

The loan offer would replace a financing package worth $793m announced earlier this month and put forth by Centerbridge Partners, GSO Capital Partners, UBS and JPMorgan Chase. The new loan would allow a broader set of bondholders to participate, but could include the previous lenders.

The financing is contingent on Kodak’s ability to successfully sell its digital imaging patents for at least $500m.

The new package is subject to approval from Judge Allan Gropper in US Bankruptcy Court in Manhattan. No hearing date has been set.

“The improved financing commitment provides a longer maturity, lower fees and pricing, and greater liquidity than our previously announced commitment,” chief executive Antonio Perez said in a statement. “This is a vote of confidence in the future of our company.”