Kodak has announced that a federal bankruptcy judge has approved a financing agreement needed to help the company emerge from Chapter 11.
Judge Allan Gropper approved a plan which authorizes Kodak to borrow up to $844 million dollars. CEO Antonio Perez says approval of the financing puts Kodak in a strong position to emerge from Chapter 11.
He says that financing, along with the recently announced patent sale, lays the foundation for Kodak to get out of bankruptcy and and be a profitable and sustainable company.
The financing Kodak is receiving calls for the company to finish its plan of reorganization by Septembe 30th. But a Kodak spokesman tells WHAM 1180 News that mid-2013 is a "reasonable target" for emerging from Chapter 11.
Kodak also needs to complete a plan to resolve its pension obligations in the U-K, and to sell all or a part of Kodak's kiosk and scanner businesses.