Court Gives Kodak Approval to Leave Bankruptcy

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Court Gives Kodak Approval to Leave Bankruptcy
http://www.nytimes.com/2013/08/21/business/court-gives-kodak-approval-to-leave-bankruptcy.html

By REUTERS
Published: August 20, 2013

The Eastman Kodak Company, once a mighty photography pioneer, received court approval on Tuesday for its plan to emerge from bankruptcy as a much smaller digital imaging company.
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Kodak, based in Rochester, was for years synonymous with household cameras and family snapshots. It filed for bankruptcy protection in January 2012, weighed down by high pension costs and a delay of years in embracing digital camera technology.
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Kodak has sold assets, including its consumer operations, and will now focus mainly on commercial products like high-speed digital printing technology and flexible packaging for consumer goods.

In bankruptcy, Kodak failed to obtain significant value for its portfolio of patents. Experts said that was a crucial reason it had to sell core businesses and reinvent itself. But the bankruptcy resolved a major dispute with retirees over pensions, and it has forged a restructuring plan that, while wiping out shareholders, should pay secured creditors and second-lien noteholders in full. ... General unsecured creditors are likely to receive a marginal payout in the neighborhood of 4 to 5 cents on the dollar.