Business

Kodak secures up to $895M in financing

ROCHESTER, N.Y. — Kodak has secured as much as $895 million to fund its operations after it emerges from bankruptcy protection. J.P. Morgan, Bank of America Merrill Lynch, and Barclays will supply senior secured term loans of up to $695 million. The banks also will arrange a senior secured asset-based revolving credit facility of up to $200 million. They have agreed to provide $130 million of that facility.

Kodak said the financing will allow it repay loans, finance its exit from Chapter 11, and fund its post-bankruptcy working capital.

Advertisement

The agreements are subject to court approval.

Kodak also said a court approved its settlement with its UK pension plan, which is its single largest creditor. The agreement, announced in April, will spin off Kodak’s personalized imaging and document imaging businesses to the pension plan. The arrangement will give the pension fund two profitable businesses that will provide ongoing income.

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

Eastman Kodak Co., founded in 1880, sought bankruptcy protection in 2012. It has shed most of the businesses that turned it into an American icon and now plans to focus on commercial imaging and printing.

Associated Press

Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.