Kodak secured post-emergence credit facilities of up to $895 million with JPMorgan, Bank of America Merrill Lynch and Barclays yesterday, further paving the way for it to emerge from bankruptcy later this year, FoxBusiness.com reported yesterday. The finance package will enable Kodak to fund its exit from chapter 11 protection, meet its post-emergence working capital and liquidity needs and repay its secured creditor under the current senior and junior debtor-in-possession loan facilities. Kodak on Wednesday said that it would seek court approval in the coming days for a $406 million rights offering that would give its key creditors a large stake in the company post-emergence. Rochester, N.Y.-based Kodak said that it will also seek approval from the bankruptcy court for the financing agreement announced yesterday.
