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.
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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)