Struggling photo pioneer Eastman Kodak Co. said Monday that it has reached an agreement to borrow $793 million, an important step in letting it leave bankruptcy protection in the first half of next year.
The deal is contingent on Kodak being able to sell its patent portfolio for at least $500 million. The company has been trying to sell that asset for more than a year. In a statement, Kodak says it is “confident it will achieve” that requirement.
Kodak filed for bankruptcy protection in January after struggling to adapt to the world of digital photography.