Eastman Kodak Co. asked a bankruptcy judge to amend its debtor-in-possession (DIP) loan so it could refinance its previous one and gain the option to convert it into exit financing, which could help the company emerge from bankruptcy in mid-2013. Eastman Kodak Co. is one of several large companies to convert existing DIP loans into exit financings.

In 2012, Houghton Mifflin Harcourt Publishing Co. got permission to convert its $500 million DIP into an exit loan, and in 2008 Calpine Corp. got permission to convert its $5 billion DIP, at the time the largest in history, to exit financing.

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