Bankruptcy court approves Kodak’s financing
Thursday, February 16, 2012
ROCHESTER, N.Y. (AP) — A U.S. Bankruptcy Court judge in New York is approving Eastman Kodak Co.’s $950 million debtor-in-possession financing.
The photography company announced the court’s decision Wednesday. The money allows Kodak to operate normally during bankruptcy, while it tries to sell its collection of digital-imaging patents.
Following drawn-out efforts to revive its business, Kodak filed for Chapter 11 bankruptcy protection in January when it ran short of cash. The $950 million financing includes an initial $650 million from Citigroup Inc. approved by the court when Kodak first filed.