Under the terms of the deal, Kodak has borrowed an aggregate principal amount of approximately $473m and converted $375m in Senior Secured Notes into loans.

The new facility, together with the amendment and restatement of Kodak’s existing debtor-in possession credit agreement, strengthens Kodak’s position to execute its remaining reorganization objectives and successfully emerge from Chapter 11, the company said.

Proceeds from the financing, together with proceeds from previously announced intellectual property transactions, will be used to repay the term loans outstanding under Kodak’s existing debtor-in-possession credit agreement, make an adequate protection payment to holders of the Senior Secured Notes, and support ongoing business activities.

"This is another important step toward our emergence as a profitable and sustainable Commercial Imaging company," said Antonio M. Perez, Chairman and Chief Executive Officer.

"We are now working to finalize our Plan of Reorganization and complete the remaining work required for us to emerge as a stronger company, focused on ongoing innovation to meet our customers’ needs."

Under the financing agreement, Kodak is required to file its Plan of Reorganization with the Court by 30 April 2013, which it is on track to do. The financing also provides Kodak the opportunity to convert a portion of the facility into exit financing if certain conditions are satisfied.