The picture isn't looking quite as gloomy now.
Kodak is fighting for all it is worth at the moment and has taken a step towards financial recovery. The company has been granted court approval to borrow $950 million in restructuring funds. This news comes just one month after filing for Chapter 11 bankruptcy. Kodak has also been allowed to end its sponsorship of the
Kodak Theatre in Los Angeles, which costs $3.6 million a year. However, the company still has $38 million in outstanding payments and argued that ending the agreement would be the best solution for Kodak and its creditors.
Chairman and Chief Executive Officer,
Antonio M. Perez, said that this agreement is another step towards the goals that were set out for the company last month. He added that the goals are to “bolster our liquidity in the U.S. and abroad, monetize our non-strategic intellectual property, fairly resolve legacy liabilities, and enable Kodak to focus on its most valuable business lines." Kodak has already taken steps towards a focus on valuable business lines by
dropping digital cameras in favour of photo printing and desktop inkjet printers.