Kodak emerges from bankruptcy
Company to resume trading with focus on business imaging and printing
Eastman Kodak is expected to start trading again in two weeks time, after a judge gave the company permission to leave bankruptcy protection.
The company, which was founded over 100 years ago with operations primarily in photography and photographic film, will now refocus on digital imaging and printing.
Kodak filed for bankruptcy in January 2012, after seeing its business slowly drained by the rise of digital photography. The company has sold off various business units and patents, and will now concentrate on business offerings, including high-speed digital printing technology and flexible packaging for consumer goods.
"Today, the Court confirmed Kodak's Plan of Reorganization. This critically important milestone marks the final step in the Court process," said Antonio M Perez, chairman and chief executive officer. "Next, we move on to emergence as a technology leader serving large and growing commercial imaging markets - such as commercial printing, packaging, functional printing and professional services - with a leaner structure and a stronger balance sheet. There are additional transactional steps ahead as we complete our Chapter 11 restructuring, but with the Court's decision today, our emergence is now imminent."