However, the company's court filing revealed that it was having to pay double-digit interest rates on the facility, varying from 9.5% to 12% above LIBOR, which includes $455m in new term loans and $375m in term portions issued to senior creditors.

As specified in its previous statement regarding the facility, the finance is contingent on Kodak’s sale of its trove of digital imaging patents for at least $500m.

"The improved financing commitment provides a longer maturity, lower fees and pricing, and greater liquidity than our previously announced commitment," said Kodak chairman /CEO Antonio Perez in a statement.

"This is a vote of confidence in the future of our company. We are particularly pleased that the financing allows for participation by all of our pre-petition second lien noteholders in a manner that is cost-effective for the company."

The commitment letter from creditors also contains provisions allowing for a conversion of up to $630m of the loans into permanent exit financing due five years after emergence, provided Kodak meets certain conditions.

Those conditions include the consummation of a Plan of Reorganization by Sept. 30, 2013, the resolution of the company’s U.K. pension obligations, and the completion of all or a portion of the sales of Kodak’s Document Imaging and Personalized Imaging businesses.

Chris Payne, Kodak's director and vice president, commercial marketing, later commented to PrintWeek: "This week's news reinforces the confidence the financial community has in Kodak's future.

"But more importantly, we are seeing a great deal of renewed confidence and expressions of interest from our customers. Kodak has been expanding efforts to reach out and keep in touch with customers about our accelerating progress, and a number of customers in turn have expressed their confidence in our strategy for the future and in our product portfolio."