2 May 2013
Kodak files plan to emerge from bankruptcy
ROCHESTER, NY—Eastman Kodak Company has filed a Plan of Reorganization and Disclosure Statement and looks to exit Chapter 11 bankruptcy in the third quarter.

The plan includes a detailed description of the company's settlement to hand over its personalized imaging and document imaging businesses to its U.K. Kodak Pension Plan. The spin-off will settle $2.8 billion in claims.

Kodak filed for Chapter 11 protection in January last year. Following that, it began offloading under-performing lines (including ceasing production of digital cameras and pocket video cameras last year) and focusing on two commercial imaging areas: Graphics, Entertainment and Commercial Films, and Digital Printing and Enterprise.

These two segments include CTP output devices and digital plates such as the Kodak Sonora process free plate, as well as its Prosper inkjet presses and systems, and the Flexcel line for flexographic package printing.

In a recent move to widen its Canadian customer base, Kodak announced Spicers Canada as a national reseller for its portfolio of commercial imaging products, giving Spicers access to its Propser and Nexpress lines.

The company said it had successfully satisfied the four main objectives for its bankruptcy filing: strengthening liquidity, monetizing non-strategic intellectual property, fairly resolving legacy liabilities, and refocusing on its most valuable business lines.

According to The Wall Street Journal, the reorganization plan entails passing ownership of the company to the company's bondholders and unsecured creditors.

Kodak expects the U.S. Bankruptcy Court for the Southern District of New York to schedule a hearing in June to evaluate the documents and give creditors the ability to assess the plan. Following that, the company said it will schedule a creditor voting.
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