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Kodak to borrow nearly $800 million to help it emerge from bankruptcy

Posted on Thursday, November 15th, 2012 at 10:32 pm    

Iconic photography company Eastman Kodak Co., is taking strides in its efforts to emerge from Chapter 11 bankruptcy protection it enacted early this year.

Chapter 11 bankruptcyPart of Kodak’s deal will allow it to borrow $793 million. However, the company will have to sell off its patents for at least $500 million. It has been struggling to find a buyer for the past year, but it is confident that it will be able to sell off these valuable assets in time.

This extra money will greatly help the company move forward in its plans to exit Chapter 11 bankruptcy protection and reorganize its corporate objectives. The once-mighty producer of camera and film equipment held a 90 percent market share in the early 90s, but became complacent and did not switch to digital mediums quickly enough. Its failure to keep up with the technology of the age cost it dearly.

Kodak’s goal is to exit bankruptcy protection in the first part of next year.

Filing for bankruptcy protection is a difficult, but sometimes necessary decision for a company to make. If your small business is facing unmanageable debts, you do not have to face your creditors alone. Enlisting the services of a bankruptcy lawyer can help you determine which kind of bankruptcy is most appropriate for you.

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