The US Bankruptcy Court for the Southern District of New York has confirmed Kodak’s Plan of Reorganization, which describes the company’s strategy to emerge from Chapter 11 restructuring as a technology leader serving commercial imaging markets. It is due to emerge from Chapter 11 on September 3 2013.
‘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 Bankruptcy Court said the expected Chapter 11 emergence would allow Kodak to ‘begin to regain its position in the pantheon of American business’.
The date of emergence is now contingent on a series of transactions, which include completing the sale of the Personalised Imaging and Document Imaging businesses to the UK Kodak Pension Plan; finalizing a rights issue of $406 million; and completing its emergence financing.
