Kodak approved to exit bankruptcy for $844m as it gets stripped for its parts
A JUDGE has approved $844 million for Kodak to exit bankruptcy while its biggest rivals strip it for its parts.
KODAK has had US$844 million financing approved to help exit it's bankruptcy.
US Bankruptcy Court Judge Alan Gropper approved financing for the company today, which filed for Chapter 11 bankruptcy last year and last month sold it's portfolio of over 1000 digital imaging patents, Tech Crunch reported.
The sale of the portfolio was instrumental in securing approval for the financing, which is led by Centerbridge Partners LP - but has left many of Kodak's biggest rivals, including Microsoft, Google, Apple, RIM, Facebook, HTC, Adobe, Amazon, and Samsung, with access to the company's former patents.
Kodak says that of the $844 million in financing, $640 million will be rolled over to finance its exit from Chapter 11 bankruptcy, as well as repaying earlier bankruptcy loans.
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