Kodak Files for Reorganizational Bankruptcy

ROCHESTER, NY—Eastman Kodak and its U.S. subsidiaries filed voluntary petitions this week for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.

Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to court approval and other conditions precedent. The company believes that it has sufficient liquidity to operate its business during Chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.