Kodak may seek protection from creditors within weeks. Photo / AP
Eastman Kodak is in advanced discussions with Citigroup Inc to provide bankruptcy financing as the unprofitable imaging company prepares for a potential filing.
Kodak may seek protection from creditors within weeks and then hold an auction to sell its patent portfolio, sources said.
Kodak may seek about US$1 billion in
so-called debtor-in-possession financing, though terms may change, sources said.
Advisers to Kodak are lining up a bidder to be the frontrunner or so-called stalking horse bidder for the patent portfolio should the company file, a source said.
Moody's Investors Service cut ratings on about US$1 billion of Kodak's debt on January 5, citing "a heightened probability of a bankruptcy" as liquidity deteriorates.
