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Kodak told to reorganize business by 2013

By news services

Kodak, which filed for bankruptcy protection on Thursday, has received approval to borrow an initial $650 million from Citigroup to remain in business as it tries to sell its digital-imaging patents.

The fallen business icon is required under the financing terms to produce a reorganization plan by Feb. 15, 2013. U.S. Bankruptcy Judge Allan Gropper in New York also set a June 30 deadline for Kodak to seek his approval of bidding procedures for the sale of 1,100 patents that analysts estimate could fetch at least $2 billion, The Associated Press said.