Kodak (NYSE:KODK) has finalized an $848 million financing deal with members of its second lien noteholders' steering committee and other senior secured debt holders. The agreement announced last week is intended to strengthen Kodak’s financial position, moving it closer to its goal of emerging from Chapter 11 bankruptcy protection.

Under terms of the deal, Kodak borrowed $473 million, in addition to converting $375 million in existing notes into loans. Kodak intends to use the financing to repay outstanding term loans and credit agreements, make payments to holders of its senior notes, and for ongoing business activities.

Antonio Perez, president and CEO of Kodak, is quoted as saying, “This is another important step toward our emergence as a profitable and sustainable Commercial Imaging company.” The new financing agreement requires Kodak to file a reorganization plan with the court by April 30.