By Joseph Ax
NEW YORK, Nov 28 (Reuters) - Eastman Kodak Co has accepted
an $830 million financing offer from a group of bondholders as
it aims to emerge from bankruptcy in the first half of 2013, the
company announced on Wednesday.
The loan offer would replace a financing package worth $793
million announced earlier this month and put forth by
Centerbridge Partners, GSO Capital Partners, UBS and JPMorgan
Chase & Co. The new loan would allow a broader set of
bondholders to participate, but could include the previous
The financing is contingent on Kodak's ability to
successfully sell its digital imaging patents for at least $500
The new package is subject to approval from Judge Allan
Gropper in U.S. 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 Officer
Antonio Perez said in a statement. "This is a vote of confidence
in the future of our company."
Kodak filed for bankruptcy in January, hoping that the sale
of its patents would enable a quick emergence, but bids have
come in lower than anticipated.
The sale of its patents and all or part of its document
imaging and personalized imaging services likely means that a
restructured Kodak would largely focus on commercial imaging,
rather than the consumer business.
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