The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

NEW YORK (AFP) – U.S. photography giant Kodak has announced that a bankruptcy court had approved its plan of reorganization, enabling it to emerge from bankruptcy as soon as September 3.

The plan permitted the iconic company 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 Reorganization. This critically important milestone marks the final step in the Court process,” Kodak chairman and chief executive Antonio Perez said Tuesday.

“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 emerge on September 3.

A U.S. court has approved Kodak’s reorganization plan, which will enable it to emerge from bankruptcy

A majority of Kodak’s creditors voted in favor of the restructuring plan last week.

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.

The Rochester, New York-based company, started in 1892, led the way in popularizing the cameras, film, slide projectors and home videos that preserved the memories of generations of Americans and others 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.

Photo Credit: AFP/Gerard Julien

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Rep.Marjorie Taylor Greene

Outspoken MAGA firebrand and Christian nationalist Rep. Marjorie Taylor Greene (R-GA) — who unleashed a litany of falsehoods, including the Big Lie, at a GOP gala — is headed for splitsville after her husband of 27 years filed for divorce on Wednesday, citing an “irretrievably broken” marriage.

Keep reading... Show less

Ginni Thomas

Youtube Screenshot

Appearing behind closed doors in person for four hours with investigators from the House Select Committee on the January 6 Attack, far right-wing activist and lobbyist Ginni Thomas reiterated her false claims that the 2020 presidential election was stolen, calling it a “heist.” Thomas also insisted she has never discussed her work to overturn the election results with her husband, the person she publicly refers to as her “best friend,” Supreme Court Justice Clarence Thomas, who has resisted calls to recuse himself from any cases surrounding the January 6 insurrection.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}