February 9, 2012

Kodak Said in Talks With Citigroup on Bankruptcy Financing

Eastman Kodak Co. is in advanced talks with Citigroup Inc. to provide bankruptcy financing as the unprofitable imaging company prepares for a potential filing, said three people familiar with the matter. The stock plunged.

Kodak may seek protection from creditors within weeks and then hold an auction to sell its patent portfolio, said the people, who asked not to be identified because the talks are private. Kodak may seek about $1 billion in so-called debtor-in- possession financing, though terms may change, two people said.

Read more here.