Kodak's credit default swaps to be settled in auction, ISDA says

By Sara Rosenberg

New York, Jan. 19 - The International Swaps and Derivatives Association, Inc. determinations committee said that the credit default swaps of Eastman Kodak Co. will be settled in an auction after the committee determined that a bankruptcy credit event had occurred.

In other news, the company plans to launch a proposed $950 million 18-month debtor-in-possession credit facility in a Monday call. Citigroup Global Markets Inc. is the lead bank on the deal.

Emergence from Chapter 11 is expected to take place during 2013.

Kodak is a Rochester, N.Y.-based provider of imaging technology products and services to the photographic and graphic communications markets.

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