Iconic photography company Eastman Kodak Co., is taking strides in its efforts to emerge from Chapter 11 bankruptcy protection it enacted early this year.

Part of Kodak’s deal will allow it to borrow $793 million. However, the company will have to sell off its patents for at least $500 million. It has been struggling to find a buyer for the past year, but it is confident that it will be able to sell off these valuable assets in time.

This extra money will greatly help the company move forward in its plans to exit Chapter 11 bankruptcy protection and reorganize its corporate objectives. The once-mighty producer of camera and film equipment held a 90 percent market share in the early 90s, but became complacent and did not switch to digital mediums quickly enough. Its failure to keep up with the technology of the age cost it dearly.

Kodak’s goal is to exit bankruptcy protection in the first part of next year.

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