Struggling photography company Kodak has made another step towards exiting Chapter 11 bankruptcy. Today, a New York judge approved a plan to emerge from bankruptcy, reducing its debt by $4.1 billion. Earlier this year, a court approved $844 million in financing for Kodak, and the company sold a hefty patent portfolio for over $500 million in 2012. As Kodak exits bankruptcy, it's offering creditors a much-reduced repayment on $2.2 billion in debt; to help finance its recovery, it also needs to sell $406 million in stock.
As part of its reorganization, Kodak has backed away from consumer products, ending its production of once-ubiquitous digital cameras and somewhat less ubiquitous home inkjet printers. Instead, it will focus on selling...
via The Verge - All Posts http://www.theverge.com/2013/8/20/4641510/kodaks-plan-to-escape-bankruptcy-gets-court-approval
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