Kodak cuts debt by $561 million for quarter, more than $800 million for year

By Lisa Kerner

Charlotte, N.C., Jan. 31 - Eastman Kodak Co. chief financial officer Frank Sklarsky commented on the company's debt during an earnings conference call on Wednesday, saying the company has reduced its debt.

"We achieved our full-year debt payment goal by paying $561 million in debt in the fourth quarter, which includes $542 million of our secured term debt," Sklarsky said.

"We recently announced plans to sell our health group to Onex Healthcare Holdings, Inc. for $2.35 billion in cash at closing, plus up to $200 million in additional future payments."

"The transaction is expected to close by mid-year and we will initially use $1.15 billion of our anticipated proceeds to repay the remaining outstanding secured term debt," added Sklarsky.

Debt decreased to $2.778 billion as of Dec. 31. Kodak said for the full-year 2006, debt decreased $805 million.

Rochester, N.Y.-based Eastman Kodak develops and markets imaging products.

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