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Kodak, the 131-year-old photography pioneer, filed for bankruptcy on January 19th 2012.Eastman Kodak announced early this morning that filing for Chapter 11 bankruptcy was “the right thing to do for the future” of the company.In a statement, Kodak CEO Antonio Perez said company leadership decided the move was “a necessary step.”Innovation Trail has followed the story over the course of 2012.

Kodak secures $830 million finance package

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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".

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