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Court approves $844M Kodak bankruptcy financing

ROCHESTER, N.Y. (AP) -- Eastman Kodak Co. said Wednesday that it has received court approval to borrow up to $844 million to finance the rest of its restructuring. The company wants to emerge from bankruptcy protection in the middle of the year.

The financing agreement, along with the recently approved sale and licensing of its digital imaging patents, sets the stage for Kodak to emerge as a "profitable and sustainable company," said CEO Antonio Perez.

The financing deal was contingent on the completion of the sale of the digital imaging patents for at least $500 million. The court overseeing Kodak's case recently approved the sale of the patents for $527 million and the deal is expected to close in February.

Founded in 1880, Kodak filed for bankruptcy protection in January 2012 after a long struggle to stay relevant. It was first hit by competition from Japanese companies, then it couldn't keep up with the shift from film to digital photography over the past decade.

Since its filing, Kodak has sold or shut down several divisions, including the manufacturing of digital cameras. The company plans to focus on commercial and packaging printing. It sees home photo printers, high-speed commercial inkjet presses, software and packaging as the core of its new business.