Davis Polk is advising Citicorp North America, Inc. as administrative agent and collateral agent, and Citigroup Global Markets Inc., as sole lead arranger and bookrunner, for the $950 million debtor-in-possession credit facility for Eastman Kodak Company. The credit facilities were approved by a final order entered by the U.S. Bankruptcy Court on February 16, 2012.

 

The credit agreement, which became effective on an interim basis on January 20, 2012, provides for a $700 million term loan facility (of which $400 million was funded on the effective date and used in part to prepay outstanding loans under a prepetition credit facility agented by Bank of America, N.A.) and a $250 million asset-based revolving credit facility. The balance of the term loan facility was approved in the final order from the Bankruptcy Court. 

The Davis Polk insolvency and restructuring team includes partners Marshall S. Huebner and Brian M. Resnick and associates Hilary Dengel and P. Alexandre de Richemont (not yet admitted). The credit team includes partner Bradley Y. Smith and associates Kenneth J. Steinberg, Adam J. Ross, and Charles L. Nail. The tax team includes partner Rachel D. Kleinberg and associate Patrick E. Sigmon. Associate David R. Bauer is providing intellectual property advice. Counsel Erin K. Cho is providing employee benefits advice. Counsel Susan D. Kennedy is providing real estate advice. Members of the Davis Polk team are based in the New York, Menlo Park and Washington DC offices.