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Kodak plans to emerge from bankruptcy this year as court approves $844 million in financing

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Kodak Logo
Kodak Logo

When Kodak filed for Chapter 11 bankruptcy in January of last year, it estimated that it would recover by mid-2013. Thanks to a court ruling today that approved new financing, the company appears close to fulfilling its plan; Kodak writes in an release announcing the court decision that the $844 million in financing will help the company exit bankruptcy mid-year. The approval follows a number of measures Kodak has taken in the last year as part of its reorganization, including a $525 million patent sale, the sale of its film and kiosk divisions, an exit from the consumer printing business, and a licensing deal that lends the Kodak name to products from JK Imaging. As Bloomberg reports, Kodak attorney Andrew Dietderich said that the company's "financial picture is a stark contrast to the company that filed for Chapter 11 this time last year." The company says it is in the final phase of its restructuring.