Davis Polk Advises Citigroup in Connection with Amending and Restating Eastman Kodak Company’s Debtor-In-Possession Revolving Credit Facility.

Davis Polk advised Citicorp North America, Inc., as administrative agent, and Citigroup Global Markets Inc., as sole lead arranger and bookrunner, on a $200 million asset-based senior revolving debtor-in-possession credit facility (DIP Revolver) for Eastman Kodak Company (Kodak). The DIP Revolver amends and restates Kodak’s existing $250 million debtor-in-possession revolving credit facility.

Kodak also entered into an $848 million debtor-in-possession term loan credit facility (DIP Term Loan) with Wilmington Trust, National Association (Wilmington Trust). The proceeds of the DIP Term Loan will be used in part to repay Kodak’s existing senior debtor-in-possession term loan facility. The credit transactions were approved by orders entered by the U.S. Bankruptcy Court for the Southern District of New York on January 24, 2013 and March 8, 2013.

Kodak is transforming into a B2B company focused on its commercial imaging business. Kodak will be centered on commercial, packaging and functional printing solutions and enterprise services. Kodak also offers leading products and services in entertainment imaging and commercial films.

The Davis Polk credit team included partner Kenneth J. Steinberg and associates Adam J. Ross, Tsz Hin Kwok and Rachel Lu Chen. The insolvency and restructuring team included partners Donald S. Bernstein and Brian M. Resnick and associates Hilary Dengel, Damon P. Meyer and P. Alexandre de Richemont. The tax team included partner Rachel D. Kleinberg and former associate Patrick E. Sigmon. Counsel Erin K. Cho provided ERISA advice. Counsel Susan D. Kennedy provided real estate advice. Sonya Jackman, Richard A. Harrison and Bernadette M. Sullivan were the legal assistants on the transaction. Members of the Davis Polk team are based in the New York, Menlo Park and Washington DC offices.



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