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: Dailymotion should stay in European hands, France says

0 shares

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

Dailymotion should stay in European hands, France says

2 hours ago

France opposes exclusive talks between Orange and Hong Kong's PCCW group for a 49 percent stake in Dailymotion, preferring a European partner for the French video-sharing platform, the finance ministry indicated ...

FTC's Google investigation probed by Senate antitrust chief

17 hours ago

The chairman of a U.S. Senate antitrust panel will look into the release of a confidential Federal Trade Commission report on an investigation of Google Inc.'s search business, which was closed in 2013 without an enforcement ...

Traffic court goes digital: Startup fosters settlements

17 hours ago

Traffic court is going digital. Michigan startup Court Innovations has developed a software solution that allows drivers to settle traffic violations by negotiating in a virtual environment instead of showing up to court ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.