kodak[Techtaffy Newsdesk]

Eastman Kodak Company has received approval from the U.S. Bankruptcy Court to borrow up to $844 million.

The financing includes new money term loans of $455 million, as well as term loans of up to $375 million. The financing is predicated on certain conditions, including the successful completion of the sale of Kodak’s digital imaging patent portfolio for no less than $500 million. The Bankruptcy Court recently approved the sale of this portfolio for $527 million, and the completion of this sale is expected in February 2013.

Upon meeting certain additional conditions, the approved financing also provides Kodak the option of converting up to $644 million of the loans into exit financing due five years after emergence.