With Kodak sold out its patents to Intellectual Ventures and RPX Corporation as Apple, Google and others win the bid, the company has received approval from US Bankruptcy Court Judge Allan Gropper of the Southern District of New York for its interim and exit financing allowing the company to borrow up to $844 million, strengthening Kodak’s position to execute its remaining reorganization objectives, finalizing its Plan of Reorganization, and emerging from Chapter 11 in mid-2013.
Here is what Antonio M. Perez, Chairman and Chief Executive Officer says about it:
The Court’s approval of this financing commitment puts Kodak in a strong position to emerge from Chapter 11. This agreement, in conjunction with the recently approved sale and licensing of our digital imaging patent portfolio, lays the financial foundation for our Plan of Reorganization and a successful emergence from Chapter 11 as a profitable and sustainable company,” said Antonio M. Perez, Chairman and Chief Executive Officer. “Taken together, these accomplishments, along with other recent developments, such as the resolution of certain of our legacy liabilities, demonstrate the tangible and meaningful progress Kodak is making as it moves through the final phase of its restructuring.