Eastman Kodak Gets Credit Line of up to $500M

Eastman Kodak says it has secured an amended credit facility with a credit line of up to $500 million, following concerns that the photography products company was burning through cash.

Eastman Kodak, which is based in Rochester, N.Y., must maintain a cash balance of at least $250 million in the U.S.

The expiration date for lenders agreeing to an extension is March 30, 2012.

In March, Standard & Poor's Rating Services said the company was burning through cash and cut its ratings on the company further into junk territory, lowering the creditworthiness rating one notch, to B- from B.

Eastman Kodak in February warned that sales would decline between 12 percent and 18 percent this year, partly because of slumping digital camera sales.

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