Kodak On Track to Recover from Bankruptcy

: Chris Lee Law Firm

  Filed under: News

kodak bankruptcyKodak is on the verge of regaining their financial footing after seeking protection through a Chapter 11 bankruptcy filing in the United States. The company made a huge step to be able to emerge from their financial struggles to settle outstanding debt and recover. To end its Chapter 11 bankruptcy, Kodak is attempting to sell non-core businesses. This transition to its British pension fund would give Kodak the money needed to end its bankruptcy.

Kodak Exercises Money Management Strategy

By reorganizing their structure, Kodak is hoping to not only emerge from their chapter 11 bankruptcy, but strengthen the long-term health of the company as well. Their recent moves will provide the liquidity needed to end Chapter 11. The plan is two-fold:

  1. First, Kodak is selling its non-core businesses for $650 million. This also includes a plan to sell their document imaging operation to Brother of Japan, which will equal $210 million.
  2. Second, Kodak is settling the claim of $2.8 billion. This is by far the largest unsettled claim against the company and is what will allow them to emerge from bankruptcy.

Following this reorganization, Kodak is planning to unveil their strategy for moving forward. To recover from the Chapter 11 bankruptcy and continue growth as a company, Kodak intends to focus on commerce imaging. This entails graphic communication, film, and more customized offerings. The plan even includes a detailed outline of how much creditors should expect to be repaid by Kodak.

Kodak assures British retirees that they will continue to receive their pensions. Senior management officials at Kodak assure that this is a wise move considering the dwindling number of retirees in Britain relying on the pension plans. With this move, Kodak will be fully recovered from bankruptcy shortly.

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