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Friday, 13 January 2012 - Kodak eyes bankruptcy cash from Citigroup: report |
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      Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Davos 2012 Technology Media Small Business Legal Deals Earnings Summits Business Video Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh James Saft Lucy P. 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Credit: Reuters/Brendan McDermid Thu Jan 12, 2012 9:18pm EST (Reuters) - Eastman Kodak Co (EK.N) is in advanced talks with Citigroup Inc (C.N) to obtain financing that would be used if the money-losing photography company files for bankruptcy protection, Bloomberg News said on Thursday, citing three people familiar with the matter. Advisers to Kodak are also lining up a "stalking horse" that would become the lead bidder for a patent portfolio should it be auctioned via the Chapter 11 process, the newswire said, citing one of the people. Neither Kodak nor Citigroup immediately responded to requests for comment. Shares of Kodak fell 7.2 cents to 60 cents in after-hours trading following the report. They had closed regular trading down 14.3 cents, or 17.5 percent, at 67.2 cents. Kodak has been left behind by rivals that embraced digital camera technology faster. The Rochester, New York-based company is trying to raise cash by selling a large patent portfolio, a sale that could enable it to avoid bankruptcy. It also has patent litigation against such companies as Apple Inc (AAPL.O), Taiwan's HTC Corp (2498.TW) and BlackBerry maker Research in Motion Ltd (RIM.TO) (RIMM.O), which if successful could boost the value of its patents. On Tuesday, Kodak restructured its business operations, but it was unclear whether this would be enough to restore the company's health sufficiently fast. According to published reports, Kodak may file for Chapter 11 protection by early February, and seek about $1 billion of debtor-in-possession financing to keep it operating while in bankruptcy. The company is scheduled to report fourth-quarter results on January 26. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) Trivial wrote:   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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