Court approves Kodak financing, could exit bankruptcy by mid-2013

When Kodak filed for Chapter 11 bankruptcy a year ago, the company promised to re-emerge stronger than ever a year later. While that scenario has yet to play out, the gears do seem to be turning: US bankruptcy court Judge Allan Gropper today approved Kodak's bid to borrow up to $844 million from Centerbridge Partners LP. That approval's still conditional, mind you, on the completion of Kodak's recent digital imaging patent fire sale (at "no less than $500 million"). Should that all pan out, the company plans to emerge from bankruptcy by "mid-2013," no doubt worse for wear but better than a few years back.