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Bankruptcy court approves Kodak's financing

Bankruptcy court approves Kodak's financing

February 16th, 2012 in News

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.