Kodak Emerges From Chapter 11 Bankruptcy
Kodak is out of Chapter 11 bankruptcy, after filing for that designation more than a year and a half ago.
On Tuesday afternoon, Kodak Chairman and CEO Antonio Perez issued a statement saying that Kodak has been "revitalized by our transformation and restructured to become a formidable competitor..."
Kodak will now focus on commercial printing and packaging. The company says it has completed the final steps in its restructuring including the spin-off of its personalized imaging and document imaging businesses to a U.K. based Kodak pension plan. Kodak says it has also successfully closed on its agreement for nearly $700 million in financing, paid off certain lenders and received about $406 million in new investments from unsecured creditors.
All previously issued Kodak stock has been canceled, and the company is issuing shares of a new class of common stock.