Kodak Enters Financing Deal

Kodak has signed a deal that may help them emerge from Chapter 11 bankruptcy.
The company has secured $793 million in loans to help them reorganize.
The money will be Junior Debtor-in-Possession Financing from Centerbridge Partners, L.P., GSO Capital Partners LP, UBS and JPMorgan Chase & Co.
The financing is dependent on Kodak's achievement of certain milestones, including selling its portfolio of 1,100 patents for more then $500 million.
In a statement to News 8, Kodak Chairman and Chief Executive Officer Antonio Perez said "The significance of this agreement for Kodak is that it establishes a clear path for our emergence as a stronger, more focused company. The significance for our customers, partners and suppliers around the world is that it solidifies our ability to continue to serve them, innovate for them and contribute to their success,"
However, other groups that Kodak owes money to say they're not happy.
The Second Lien Creditors say Kodak is burning cash.
They don't want a judge to allow Kodak another extension to put together their reorganization plan.
In a 38 page document filed in U.S Bankruptcy Court they said quote:
"The debtors have experienced a net loss from operations of almost $1 billion since the commencement of these chapter 11 cases - an average net loss of approximately $107 million a month."