Kodak Lines Up $895 Million in Post-Bankruptcy Credit From Banks
By Nick Turner - Jun 20, 2013 8:37 AM ET
Eastman Kodak Co. (EKDKQ), the bankrupt photography pioneer, said it reached agreements with JPMorgan Chase & Co. (JPM), Bank of America Corp. and Barclays Plc (BARC) to get as much as $895 million in credit when it emerges from Chapter 11.
The three banks will serve as the lead arrangers for $695 million of senior secure term loans and a revolving credit line of as much as $200 million, Rochester, New York-based Kodak said today in a statement.
The agreement will let Kodak finance its emergence from bankruptcy and provide it with cash and working capital. The deal should offer more favorable terms than its existing financing, Kodak said.
“The new financing, combined with other recent significant milestones in our restructuring — including the rights offering, amended plan of reorganization and Eastman Business Park settlement — will position Kodak for a bright long-term future,” Chief Executive Officer Antonio M. Perez said in the statement.
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