A court in New York has allowed Eastman Kodak to come out of Chapter 11 protection as the famous brand looks to restructure with a new business plan.
Kodak say: “Today (20 aug), the Court confirmed Kodak’s Plan of Reorganisation. 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.”
The Plan also reflects the company’s effective utilisation of the Chapter 11 process to achieve its key reorganisation objectives, including successfully reducing legacy costs, liabilities and infrastructure, exiting or spinning off businesses and assets that were no longer core to its future, and focusing on the company’s most profitable business lines.