Kodak CEO Antonio Perez says the the company has reached an agreement with its lenders that gives Kodak more financial flexibility.

Kodak says it amended terms for the previously announced interim and exit financing package with the Steering Committee of the Second Lien Noteholders.

Financial terms have been changed, and Kodak and its lenders will hire a search firm to find potential new directors for the Board of Directors to lead Kodak after it emerges from bankruptcy.

The new financing plan is subject to the approval of bankruptcy court.

Kodak hopes to emerge from Chapter 11 bankruptcy in mid-2013.