Kodak secures $830 million finance package
Kodak has confirmed that it has accepted a deal from 10 institutional investors for "interim and exit" financing in the amount of $830 million.
This replaces an earlier deal of $793 million announced by the company on November 12.
According to details in papers filed at the U.S. Bankruptcy Court in Manhattan earlier in the month any deal would be subject to court approval and rely heavily on the company's sale of existing assets and patents for half a billion dollars, more progress in business sales and the restructure of its U.K. pension plans.
AP reports that this latest deal has longer maturity and lower fees.
Kodak says the financing will allow it to continue its restructuring and reemergence as a commercial printing business.
Additional figures filed earlier in the month by a rival group of potential investors said that Kodak was burning through its cash assets at "and alarming rate".