Eastman Kodak Co has reached a financing deal with bondholders that could take the one-time photography giant out of bankruptcy, The Wall Street Journal reported.
The deal, which needs bankruptcy court approval, would provide Kodak with $793 million in loans on the condition that the company receive at least $500 million for a patent portfolio it has been trying to sell for more than a year, the newspaper reported on Monday.
Kodak filed for Chapter 11 protection in January in hopes of selling its intellectual property portfolio, but bids have been lower than hoped. It remains in talks for a patent sale with potential buyers including Apple Inc and Google Inc .
The bondholders that would provide financing include Centerbridge Partners and a JPMorgan Chase & Co unit, the Journal reported.
A spokeswoman for Kodak had no immediate comment on the report. (Reporting By Nick Brown; editing by John Wallace)