A Manhattan bankruptcy judge recently approved a plan for Eastman Kodak to emerge from Chapter 11 as early as September 3rd, 2013. The new company will be vastly different from the once dominant film company that virtually invented amateur photography.
Manhattan bankruptcy judge Allan Gropper, in approving the plan, called it a necessary preliminary to Kodak regaining what he called “its position in the pantheon of American business.”
After decades of seeing its traditional business diminish as a result of foreign competition and digital photography, Kodak was forced to seek bankruptcy protection. Kodak said in a statement that it is transforming itself into a seller of digital printing services to other businesses. That does not mean the company’s traditional consumer products will disappear; they will now be made by another entity, owned by a U.K. pension fund. Kodak is selling its consumer film and camera business to the workers’ pension fund to settle $3 billion worth of pension obligations to its former workers in the U.K.
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