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: BofA to refund Apple Pay customers charged twice

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

Tablets, cars drive AT&T wireless gains—not phones

3 hours ago

AT&T says it gained 2 million wireless subscribers in the latest quarter, but most were from non-phone services such as tablets and Internet-connected cars. The company is facing pricing pressure from smaller rivals T-Mobile ...

'Silicon Beach' brings tech boom to Los Angeles

5 hours ago

So long Silicon Valley. These days entrepreneurs and engineers are flocking to a place better known for surfing waves than the Web. Amid the palm trees and purple sunsets of the Southern California coastline, ...

User comments : 0