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Kodak creditors support reorganisation plan

August 16, 2013

Kodak_Pitbull_110f_01032011Vote indicates “strong and substantial” support for OEM’s Plan of Reorganisation ahead of confirmation hearing.

Kodak has announced that its creditors have voted in favour of its Plan of Reorganisation, placing the company in a strong position for its confirmation hearing, which is scheduled to take place at the US Bankruptcy Court for the Southern District of New York on 20 August.

According to the OEM, “all classes” of its eligible creditors voted in favour of the plan, which involves the sale of the company’s camera film and document imaging businesses and renewed focus on printing technologies.

Chairman and CEO of Kodak Antonio Perez, who recently announced his intention to leave his position in the company by autumn 2014, commented: “Our creditors have clearly told us we have the right strategy for the future of Kodak. This significant endorsement of our Plan enables Kodak to move toward emergence with the support of our creditors. We are on task and on schedule. We look forward to our confirmation hearing next week and then to emerging from Chapter 11 as a technology company focused on imaging for business.”

Kodak has previously stated that it expects to emerge from bankruptcy by the end of September; with the company reporting a fall in sales during the second quarter of 2013 but an improvement in losses, suggesting that it is getting closer to profitability.

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