Kodak gets 2013 deadline to reorganize

Jan 20, 2012

(AP) -- Eastman Kodak Co. has obtained a bankruptcy judge's approval to borrow an initial $650 million from Citigroup Inc. to keep operations running while it peddles a trove of digital-imaging patents.

The ailing photography pioneer filed for on Thursday, and is required under the financing terms to produce a reorganization plan by Feb. 15, 2013.

U.S. Bankruptcy Judge Allan Gropper in New York also set a June 30 deadline for Kodak to seek his approval of bidding procedures for the sale of 1,100 patents that analysts estimate could fetch at least $2 billion.

After years of struggles to transform itself into a printing powerhouse, Kodak ran short of cash and sought protection from its creditors. It has been trying to sell its patents since July.

Explore further: LinkedIn to anchor new San Francisco high-rise

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Kodak patent ruling delayed amid cash worries

Dec 20, 2011

A U.S. arbiter for trade disputes is delaying a ruling on Eastman Kodak Co.'s high-stakes patent-infringement claim against smartphone makers Apple Inc. and Research in Motion Ltd.

Report: Kodak may file for bankruptcy

Jan 05, 2012

An uncomfortable suspicion that an icon of American business may have no future pushed investors to dump stock in Eastman Kodak Co. Wednesday.

Recommended for you

SK Hynix posts Q1 surge in net profit

2 hours ago

South Korea's SK Hynix Inc said Thursday its first-quarter net profit surged nearly 350 percent from the previous year on a spike in sales of PC memory chips.

Zynga founder Pincus leaving operations role

13 hours ago

Online game maker Zynga says company founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO.

Amazon Prime wins streaming deal with HBO

17 hours ago

Amazon scored a deal Wednesday to distribute old shows from premium cable TV channel HBO to its monthly Prime subscribers, landing a blow on rival Netflix in the streaming video battle.

User comments : 0

More news stories

SK Hynix posts Q1 surge in net profit

South Korea's SK Hynix Inc said Thursday its first-quarter net profit surged nearly 350 percent from the previous year on a spike in sales of PC memory chips.

FCC to propose pay-for-priority Internet standards

The Federal Communications Commission is set to propose new open Internet rules that would allow content companies to pay for faster delivery over the so-called "last mile" connection to people's homes.

Brazil enacts Internet 'Bill of Rights'

Brazil's president signed into law on Wednesday a "Bill of Rights" for the digital age that aims to protect online privacy and promote the Internet as a public utility by barring telecommunications companies ...

Phase transiting to a new quantum universe

(Phys.org) —Recent insight and discovery of a new class of quantum transition opens the way for a whole new subfield of materials physics and quantum technologies.

Imaging turns a corner

(Phys.org) —Scientists have developed a new microscope which enables a dramatically improved view of biological cells.

Fresh hope for preventing pneumonia in the elderly

There are calls for the frail and elderly not be be overlooked for vaccines against pneumonia this winter, with UNSW research challenging conventional wisdom on immunisation effectiveness in older patients.