Key events in the history of Eastman Kodak Co.

Published on NewsOK Modified: September 3, 2013 at 3:12 pm •  Published: September 3, 2013
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Aug. 23 — Kodak says it will sell its document imaging and personalized imaging businesses to better focus on printing and business services.

Nov. 28 — Kodak says it will get loans worth $830 million in a new financing package that replaces an earlier, $793 million deal. The offer comes from a committee of 10 institutional investors who all hold senior secured notes in Kodak. The financing is subject to court approval and requires the company to complete the sale of its digital imaging patent portfolio for at least $500 million.

Dec. 19 — Kodak says it will receive about $525 million from the sale of its digital imaging patents. The company says the sale will help it repay a substantial amount of its initial debtor-in-possession loan. It satisfies a key condition of the financing announced Nov. 28.

Feb. 1, 2013 — Kodak completes the sale of the patents for about $527 million in proceeds.

April 15 — Kodak agrees to sell some of its document imaging assets to Brother Industries Ltd. for about $210 million. Japan-based Brother also assumes the business' deferred service revenue liability, which totaled about $67 million as of Dec. 31.

April 29 — Kodak agrees to sell its personalized and document imaging businesses to its U.K. pension plan for $650 million as part of an agreement that settles $2.8 billion of claims the retirement fund had against the company.

June 20 — Kodak says it has secured as much as $895 million to fund its operations after it emerges from bankruptcy protection.

July 30 — Kodak says CEO Antonio Perez will be replaced in the first year after it emerges from bankruptcy protection. Perez will stay on as CEO for up to a year or until a successor is named, whichever is first. He will help with the CEO selection and transition processes.

Aug. 14 — Kodak names a new board that will lead the company after it emerges from court oversight. Perez will remain on the board.

Aug. 20 — U.S. Bankruptcy Judge Allan Gropper approves Kodak's plan to emerge from Chapter 11.

Tuesday — Kodak exits from bankruptcy protection. It says its old stock is canceled as of Tuesday. Creditors are getting stock in the restructured company.

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Source: Kodak, Associated Press research