Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Nov 15, 2012

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Eastman Kodak Co. filed for Chapter 11 bankruptcy in January, 2012. The filing was reportedly the result of a storm of intellectual property litigation over digital photo technology with various electronic device companies. The bankruptcy involved debt restructering, some company downsizing and a plan to refocus business strategies on printers as opposed to outdated photo technologies. 

Kodak said this week that they are headed toward an end to their bankruptcy as a $793 million financing deal with bondholders is in the works, according to Reuters.

If the deal—which involves loans from JPMorgan Chase, UBS, Centerbridge Partners, and GSO Capital Partners—goes as planned, Kodak may emerge from bankruptcy by mid-2013. The agreement, however, (which has not yet been approved by the Bankruptcy Court) is dependant on whether the company can secure the sale of a patent portfolio worth $500 million, according to reports.  

The goal of a Chapter 11 bankruptcy is to create a plan to pay creditors while still operating, and to come out of bankruptcy more financially stable. If Kodak is able to secure this deal, it will allow them to realize this goal and emerge from a successful bankruptcy filing. The company will reportedly be focused not on consumer photography products, but more on commercial imaging, post-bankruptcy. 

The deal, as mentioned, is still awaiting court approval of which no date has been released. 

Read a previous article on Kodak’s Chapter 11 bankruptcy filing.