Kodak (EKDKQ), Creditors Reach New $793M Loan Deal
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Eastman Kodak (OTCBB: EKDKQ) shares are now higher on the session after a rusty start on Monday.
The WSJ is reporting that Kodak and its bondholders reached a loan deal valued at about $793 million, an agreement which will help bring the venerable company out of bankruptcy.
News comes following earlier headlines that had the creditors laying in to Kodak's management, saying it hasn't done enough, quickly enough to bring the company back into solvency, objecting Kodak's loan proposal. The WSJ notes that Kodak had been expecting the objection and it won't affect the company's rime frame for emergence.
Kodak needs to sell a portfolio containing about 1,100 digital patents and show progress being made in selling other businesses and restructuring U.K. pension obligations before the financing will be granted, source said.
In the financing package, $476 million would be new loans and $317 million would be "roll-up" loans, which are what Kodak owed before entering bankruptcy.
Shares of Kodak are up 5 percent late Monday.
The WSJ is reporting that Kodak and its bondholders reached a loan deal valued at about $793 million, an agreement which will help bring the venerable company out of bankruptcy.
News comes following earlier headlines that had the creditors laying in to Kodak's management, saying it hasn't done enough, quickly enough to bring the company back into solvency, objecting Kodak's loan proposal. The WSJ notes that Kodak had been expecting the objection and it won't affect the company's rime frame for emergence.
Kodak needs to sell a portfolio containing about 1,100 digital patents and show progress being made in selling other businesses and restructuring U.K. pension obligations before the financing will be granted, source said.
In the financing package, $476 million would be new loans and $317 million would be "roll-up" loans, which are what Kodak owed before entering bankruptcy.
Shares of Kodak are up 5 percent late Monday.
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