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Kodak keeps control of bankruptcy through February

By  - 11/14/2012 4:19:09 PM

Judge Alan Gropper of U.S. Bankruptcy Court in Manhattan approved an extension for Eastman Kodak Co. to retain exclusive control of its bankruptcy case through the end of February, Reuters reported.

Kodak now has till Feb. 28 to try to execute a $793 million financing offer from a group of bondholders.

The extension prevents creditors from pushing competing proposals on Kodak.

The exclusivity period ended Oct. 15. The extension was supported by most creditors, but was opposed by one group of bondholders.

Kodak late Monday confirmed it has arranged $793 million in financing to exit bankruptcy as a commercial-printing company. Centerbridge Capital Partners L.P., GSO Capital Partners L.P., UBS AG and JPMorgan Chase & Co. are the second-lien creditors participating in the financing, Kodak said.

The deal, which would need court approval, would require Kodak to receive at least $500 million for the sale of its patents.

The company filed for Chapter 11 protection on Jan. 19.

Kodak hopes to emerge from bankruptcy in the first half of 2013, its CEO Antonio Perez said in announcing the financing deal on Monday.

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