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Kodak set to exit bankruptcy with US$844 million package

Kodak has received a lifeline that will help the company exit bankruptcy.

Kodak has received a lifeline that will help the company exit bankruptcy.

(Credit: Kodak)

It is almost exactly a year to the day since Kodak entered Chapter 11 bankruptcy proceedings in the United States. After a lengthy process selling off patents to a consortium of companies, which included Google, the once seemingly infallible Kodak has now received permission to borrow a US$844 million rescue package.

The funds will allow Kodak to complete the reorganisation of the business, and if all goes to plan, it will emerge from bankruptcy in the middle of 2013.

In a statement, CEO Antonio M Perez said:

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.

This announcement comes just days after a licensee of the Kodak brand name, JK Imaging, announced plans to release an interchangeable lens camera later this year.