* New loan package would replace earlier $793 mln offer
* Company filed for bankruptcy in January
* Hopes to emerge in first half of 2013
NEW YORK, Nov 28 Eastman Kodak Co has
accepted an $830 million financing offer from a group of
bondholders as it aims to emerge from bankruptcy in the first
half of 2013, the company announced on Wednesday.
The loan offer would replace a financing package worth $793
million announced earlier this month and put
forth by Centerbridge Partners, GSO Capital Partners, UBS
and JPMorgan Chase & Co. The new loan would
allow a broader set of bondholders to participate, but could
include the previous lenders.
The financing is contingent on Kodak's ability to
successfully sell its digital imaging patents for at least $500
The new package is subject to approval from Judge Allan
Gropper in U.S. Bankruptcy Court in Manhattan. No hearing date
has been set.
"The improved financing commitment provides a longer
maturity, lower fees and pricing, and greater liquidity than our
previously announced commitment," Chief Executive Officer
Antonio Perez said in a statement. "This is a vote of confidence
in the future of our company."
Kodak filed for bankruptcy in January, hoping that the sale
of its patents would enable a quick emergence, but bids have
come in lower than anticipated.
The sale of its patents and all or part of its document
imaging and personalized imaging services likely means that a
restructured Kodak would largely focus on commercial imaging,
rather than the consumer business.