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Kodak Accepts Better Financing Offer

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Rochester: Kodak Accepts Better Financing Offer
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Eastman Kodak announced Wednesday that it has accepted an improved offer for financing to help it emerge from bankruptcy.

The company says the new offer from the Steering Committee of the Second Lien Noteholders Committee totals $830 million. That's an improvement on a previous commitment of $793 million.

There are conditions, including the successful sale of Kodak's digital imaging patent portfolio for half a billion dollars.

"Kodak has received a better deal on financing from a different group of lenders, it means that Kodak will get more money to emerge from bankruptcy, and slightly better terms," said George Conboy, Brighton Securities.

Kodak CEO Antonio Perez says the financing provides longer maturity, lower fees and pricing, and other benefits.

Statement from Antonio M. Perez, Chairman and Chief Executive Officer

“As we continue to progress toward successful emergence, we remain focused on doing what is best for the company’s creditors and other stakeholders, including our customers, suppliers, and employees. We are pleased that these existing creditors have come forward with a new proposal that offers better terms and enables Kodak to further accelerate its momentum to emergence in the first half of 2013.

“The improved financing commitment provides a longer maturity, lower fees and pricing, and greater liquidity than our previously announced commitment. This is a vote of confidence in the future of our company. We are particularly pleased that the financing allows for participation by all of our pre-petition second lien noteholders in a manner that is cost-effective for the company.”

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