May 2, 2013
BBC News reports that Kodak is expecting to exit bankruptcy by July or later, emerging as a “commercial imaging firm”, with the company securing a deal at the end of April to sell its film and printing businesses for £419 million ($652.4 million/€495.5 million) to its UK pension fund.
As Kodak remains on-track to emerge from bankruptcy later this year, it has announced a new strategy to focus on – selling printing equipment and services to businesses; although approval from creditors and the US bankruptcy court is still required. Should the strategy be approved, it will then be subject to a vote by creditors.
In documents filed with a New York court, Kodak said that it is expecting to “issue new stock and appoint a new board” as well as new directors.
The Recycler recently reported Kodak’s first quarter results, which showed that the company has achieved consolidated net earnings of $283 million (€214.5 million) compared to a loss of $366 million (€277.4 million) in the first quarter of 2012.
Categories : City News