Kodak lands $950m loan for restructuring

Kodak's request to borrow $950m (£601m) in restructuring funds has been approved by a court.

The loan will enable the photography firm, which filed for bankruptcy protection last month, to remain in operation during a period of extensive restructuring.

Kodak previously announced that it will no longer manufacture digital cameras, and will instead focus on photo printing, desktop inkjet printers and other markets to facilitate a cost-cutting strategy.

Judge Allen Gropper's ruling also paved the way for the firm to end its sponsorship of the Kodak Theatre in Los Angeles, which was costing the company $3.6 million (£2.27m) per year.

"Today's agreement is another step towards ensuring that Kodak is positioned to execute on the goals the company set out last month - bolster our liquidity in the US and abroad, monetise our non-strategic intellectual property, fairly resolve legacy liabilities, and enable Kodak to focus on its most valuable business lines," said chairman and CEO Antonio Perez.

Kodak has struggled to compete in the current digital camera market following advancements in mobile phone technology.