It also gives potential lenders of its project financing package encouragement that Hoku will be in a better position to repay loan.

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Kodak has also held discussions with bondholders and a group led by investment firm Cerberus Capital Management LP about a bankruptcy financing package, the people said.

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Still, while Hoku shares are up to previous levels, Stone believes the real driver for the stock will come when the project financing package is finally signed.

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As well as trying to forge an overall financing package, lawmakers were meeting to decide the fate of the country's second largest lender Laiki which was hardest hit from its exposure to bad Greek debt.

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The financing package that the Cardinals put together to fund the first phase of its project reflects the tough economic climate that such projects face even as credit has become more accessible recently for real estate with proven rent streams.

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"Having put the financing and strategic building blocks in place, our immediate priorities are to implement this refinancing package, continue stabilising the business, refocus the portfolio and invest in our future growth, " he said.

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We're very, very excited about the stimulus package and we are going to do everything we can to get the money out there, including financing the construction projects that you're talking about.

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