Bankruptcy court approves Kodak's financing

AP News

2/15/2012 5:11:38 PM - AP News

A U.S. Bankruptcy Court judge in New York is approving Eastman Kodak Co.'s $950 million debtor-in-possession financing.

The photography company announced the court's decision Wednesday. The money allows Kodak to operate normally during bankruptcy, while it tries to sell its collection of digital-imaging patents.

Following drawn-out efforts to revive its business, Kodak filed for Chapter 11 bankruptcy protection in January when it ran short of cash. The $950 million financing includes an initial $650 million from Citigroup Inc. approved by the court when Kodak first filed.