Economy
7:38 pm
Thu August 15, 2013

Kodak Creditors Back Reorganization Plan

Credit www.kodak.com

Kodak says it's creditors have voted in favor of its plan of reorganization.

With that support, CEO Antonio Perez says the company is well positioned to seek confirmation of its plan to get out of  chapter eleven bankruptcy at a hearing scheduled in a federal bankruptcy court on August 20th.

Meantime a bankruptcy judge has denied an effort by some Kodak shareholders to have the court establish an official committee to represent them. As part of its reorganization, Kodak is proposing a plan that wold eliminate all existing stock.