Last Updated on 06/20/2013 by Chris Gampat
Okay, here’s some weird albiet minor news in the whole Kodak restructuring whirlwind. MarketWatch is reporting today that J.P. Morgan, Barclays and and Bank of America are partnering to give the fallen film company a loan package to pay off their creditors and get out of bankruptcy. Together, they’re pitching in $695 Million. But once again, these are term loans–which means that Kodak could go bankrupt again if they really haven’t changed their mentality. At the moment, though, their CFO is all about it. And the press release states:
“The new financing, combined with other recent significant milestones in our restructuring – including the rights offering, Amended Plan of Reorganization, and Eastman Business Park settlement – will position Kodak for a bright long-term future,” said Antonio M. Perez, Kodak’s Chairman and Chief Executive Officer.”
After the jump, we have a whole chronology of the events that we’ve covered so far.
2/10: Kodak announces that they’re backing out of the camera business.
3/01: Kodak discontinues all their slide film.
7/03: Ektachrome becomes tougher to find in stores.
8/23: The first mumbles of the company selling off their film business hits the web.
9/28: After previously announcing that they would restructure to work in the printing business (and even after going to many trade shows in NYC showing off their printers) Kodak announces that they’re pulling out of the printer business.
11/14: Kodak becomes set to receive $793M from a slew of banks, however there is a stipulation that the company make at least a half a billion on their patent sales, which thus far has not been a successful venture.
11/24: Rumors stir that Lomography may be a potential suitor for Kodak.
12/07: The company’s digital imaging patents are sold for $500+ Million.
12/13: In a very weird move, Kodak releases a new Super 8 film.
12/19: Apple, Google and Microsoft are named amongst the purchasers of Kodak’s patents.
1/18: Kodak and a company that might as well be branded a startup called JK Imaging announce a new Micro Four Thirds camera. JK Imaging is also announced as a new member of the Micro Four Thirds coalition.
1/23: The approval for the massive loan finally comes through.
1/24: Kodak states that they’re almost out of bankruptcy
4/22: More evidence of their digital Micro Four Thirds camera emerge.
4/29: Its document imaging business bites the bullet.
5/30: Kodak releases more details about their brand new Micro Four Thirds camera that isn’t being made by them
6/07: Kodak lays off 61 workers at one of their plants. Many of the workers are Phoblographer readers.
6/12: Kodak announces an end in the production of their acetate base and explains that they’ll be outsourcing it and that they’ve got enough produced for years to come.
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