NEW YORK (AP) — Eastman Kodak plans to emerge from bankruptcy protection by the end of September after shedding most of the businesses that turned it into an American icon.
The reorganized Kodak will focus instead on commercial imaging and printing, where it believes it can once become profitable, according to its bankruptcy reorganization plan.
Founded in 1880, Kodak filed for bankruptcy protection at the beginning of 2012. It had survived for years on the remnants of its old business — particularly its early patents for consumer digital cameras that eventually replaced the film business.
It has been selling bits of the company through most of the past year.
On Monday, the Rochester, N.Y., company said it was selling its personalized and document-imaging businesses to its U.K. pension plan for $650 million. The pension plan will settle its $2.8 billion claim, and clear the way for the photography pioneer to exit bankruptcy protection between July and September.
The deal also includes kiosks that consumers use to make prints of digital photos. Kodak has sold about 100,000 of those kiosks, the company said.
The pension plan will be able to use the Kodak name for things like film and film cameras, and Kodak will provide the supplies and services needed to operate the consumer film business.
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