Kodak Reportedly Seeks Rescue Financing
NEW YORK (TheStreet) -- Eastman Kodak (EK) has held talks with hedge funds about providing it with roughly $900 million in rescue financing as it tries to sell its patents, people familiar with the matter told The Wall Street Journal.
Kodak has held discussions since about mid-September with Cerberus Capital, Silver Point Capital, Centerbridge Partners and Highbridge Capital, the people told the newspaper.
The discussions are preliminary and might not lead to a deal. Kodak hasn't yet negotiated details of the possible financing, one of the people said.
Kodak wouldn't comment on specifics of any new financing, but a spokesman told the Journal, "As a matter of course, we are always assessing the financing strategies available to us."Reports surfaced in August that Kodak, the struggling imaging company, was working to sell off its potentially lucrative patents. Kodak has struggled to gain momentum in its digital camera business as its printing business flailed, but its patents could be worth far more than the 131-year-old camera company itself. Digital-imaging patents owned by Kodak could fetch as much as $3 billion, according to analysts. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV