Kodak Reaches Financing Deal With Bondholders
Eastman Kodak Co. reached a deal with bondholders for $793 million in loans that could take the onetime photography icon out of bankruptcy proceedings on the condition it sell a trove of patents for a certain amount, said people familiar with the discussions.
To get the financing, Kodak must sell a portfolio of 1,100 digital patents for at least $500 million, the people said. Kodak, which filed for bankruptcy protection in January, remains in discussions with a bidder group including Apple Inc., Google Inc., Microsoft Corp. and patent aggregators Intellectual Ventures Management LLC and RPX Corp. on the patents, the people said. RPX declined to comment and the other companies couldn’t immediately be reached.
