Kodak has said it will retain ownership of its assets as it receives $793m (£499m) in liquidity from Centerbridge Partners, LP, GSO Capital Partners LP, UBS and JPMorgan Chase & Co.
The loan will enable Kodak to "accelerate its momentum" as it continues to execute on its "reorganisation objectives and emerge in the first half of 2013," says Antonio Perez, Kodak's chairman and CEO.
For the past 10 months, ever since Kodak entered bankruptcy protection, the Rochester-based firm has been streamlining its business in an effort to escape bankruptcy. It has already sold its sensor business, and is now actively engaged in talks to sell its film and paper businesses. Kodak hopes to re-emerge as a commercial printing company.
"The significance of this agreement for Kodak is that it establishes a clear path for our emergence as a stronger, more focused company," Perez says in a statement. "The significance for our customers, partners and suppliers around the world is that it solidifies our ability to continue to serve them, innovate for them and contribute to their success."
However, the loan comes with new conditions, such as the "successful completion of the sale of Kodak's digital imaging patent portfolio for no less than $500m." Kodak says it's confident it will achieve this sale, despite months of unsuccessful negotiations with prospective buyers.
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