Court Approves Plan To End Kodak Bankruptcy

Fallen photography giant Kodak could emerge from bankruptcy after a court in the US approved a plan to reorganise the iconic company.

The plan permits Kodak to reduce its debt and divest its film and printing business, among other steps, to reemerge as a player in the commercial printing business.

Kodak also plans to continue to sell film for movie productions.

"Today, the court confirmed Kodak's plan of reorganisation. This critically important milestone marks the final step in the court process," said Kodak chairman and chief executive Antonio Perez.

"Next, we move on to emergence as a technology leader serving large and growing commercial imaging markets - such as commercial printing, packaging, functional printing and professional services, with a leaner structure and a stronger balance sheet."

Kodak still has some final steps to take, such as completing an agreement over the pensions of retirees and ex-employees. The company expects to clear these hurdles in time to resume business on September 3. 

Kodak filed for bankruptcy protection from its creditors in January 2012, after 131 years in business, as the company fell behind rivals in digital photography.

Kodak, founded in 1892, had led the way in popularising photography around the world.

Kodak was among the early developers of digital imaging, but lost ground to rivals as the company failed to adapt its business lines.

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