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Source: Kodak reaches deal to borrow $793M

Peter Svensson, AP Technology Writer

NEW YORK (AP) -- Kodak has reached an agreement to borrow $793 million, potentially allowing it to exit bankruptcy protection early next year. That's according to a person with knowledge of the arrangement.

The printing and photography company would borrow the money from a private investment firm, Centerbridge Partners, and the lending arms of asset management firm The Blackstone Group and banks JPMorgan Chase & Co. and UBS AG.

The source, who spoke on condition of anonymity because the deal was not yet announced, says the deal is contingent on Kodak being able to sell its patent portfolio for more than $500 million. The company has been trying to sell that asset for more than a year.

Eastman Kodak Co. filed for bankruptcy protection in January after struggling to adapt to the world of digital photography.