Kodak exits ch 11

Kodak has emerged from the chapter 11 process, having taken the opportunity to reorganise its debts and to restructure the company into a much leaner organisation. Kodak originally filed for chapter 11 bankruptcy protection in January 2012.
But now Kodak has reinvented itself, waving goodbye to its iconic film business, as CEO Antonio Perez made clear: “We have emerged as a technology company serving imaging for business markets – including packaging, functional printing, graphic communications and professional services.”
Kodak has a number of strengths, particularly its Stream inkjet technology as seen in the Prosper presses and the S-series imprint modules. Kodak has looking to develop higher capacity presses, having developed a 124.5cm print bar and is working on an even wider 152cm version. It is also hoping to expand the inkjet technology into the packaging market.
Kodak completed the final steps in its Chapter 11 restructuring, including the spin‐off of its Personalized Imaging and Document Imaging businesses to Kodak Pension Plan, a longstanding pension plan of Kodak’s U.K. subsidiary. The company also closed on its agreement for $695m in term exit financing, paid off its DIP lenders and second lien noteholders in full and completed its rights offerings, receiving approximately $406m of new equity investments from participating unsecured creditors.

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