Transformed Kodak emerges from bankruptcy
- 3 September 2013
- From the section Business
Kodak has emerged from bankruptcy having shed many of the businesses that made it famous.
The company will now concentrate on selling printing equipment and services to businesses.
The personal film business, which includes 105,000 photo kiosks around the world, souvenir photos at amusement parks and photographic paper, is now owned by its UK pension fund.
Kodak filed for Chapter 11 bankruptcy protection in January 2012.
The company was founded in 1892 and made photography available to the masses, but it failed to adapt its business model to the development of digital photography.
"We have emerged as a technology company serving imaging for business markets - including packaging, functional printing, graphic communications and professional services," said Antonio Perez, chief executive of Kodak.
"We have been revitalized by our transformation and restructured to become a formidable competitor - leaner, with a strong capital structure, a healthy balance sheet, and the industry's best technology."
Kodak said it had completed the sale of assets to the UK Kodak Pension Plan, secured $695m (£447m) in financing and another $406m in capital.