Kodak has secured a loan of $950m (£601m) to restructure its flagging business after filing for bankruptcy protection last month.

It was also agreed that Kodak should end its sponsorship of the Kodak Theatre in Los Angeles which was costing the company $3.6m per year.

Kodak said that it will now focus on photo printing, desktop inkjet printers and more profitable products and, as reported earlier in the week, it will no longer sell its digital cameras after struggling to compete with ever more sophisticated mobile phone technology.

Said chairman and CEO Antonio Perez: “Today's agreement is another step towards ensuring that Kodak is positioned to execute on the goals the company set out last month - bolster our liquidity in the US and abroad, monetise our non-strategic intellectual property, fairly resolve legacy liabilities, and enable Kodak to focus on its most valuable business lines.”