Kodak secures funds to operate
Source: Agencies |
June 21, 2013, Friday
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Print Edition
Print Edition
KODAK has secured as much as US$895 million to fund its operations after it emerges from bankruptcy protection.
JPMorgan, Bank of America Merrill Lynch and Barclays will supply senior secured term loans of up to US$695 million. The banks also will arrange a senior secured asset-based revolving credit facility of up to US$200 million. They've agreed to provide US$130 million of that facility. Kodak said yesterday that the financing will allow it repay loans that funded operations while under bankruptcy protection, finance its exit from Chapter 11 and fund its post-bankruptcy working capital, as well as provide cash. The agreements are subject to court approval.
JPMorgan, Bank of America Merrill Lynch and Barclays will supply senior secured term loans of up to US$695 million. The banks also will arrange a senior secured asset-based revolving credit facility of up to US$200 million. They've agreed to provide US$130 million of that facility. Kodak said yesterday that the financing will allow it repay loans that funded operations while under bankruptcy protection, finance its exit from Chapter 11 and fund its post-bankruptcy working capital, as well as provide cash. The agreements are subject to court approval.
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