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Kodak announces post-bankruptcy plans

May 2, 2013

KodakOEM to sell film and printing businesses and focus on selling printing equipment and services.

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.

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