Bankrupt camera icon Kodak secures up to $1b in financing

ROCHESTER, New York (AP) - Kodak has secured as much as US$895 million (S$1.13 billion) 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 agreed to provide US$130 million of that facility.

Kodak says the financing will allow it to 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.

Eastman Kodak, based in Rochester, New York, filed for Chapter 11 bankruptcy protection last year after years of cost-cutting efforts failed to save the company.