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Kodak to exit bankruptcy a different company

Published on NewsOK Modified: May 1, 2013 at 10:59 am •  Published: May 1, 2013

Late last year Kodak sold some 7,500 patents to a consortium of buyers for $527 million. It sold its online photo sharing and printing business to Shutterfly in May 2012 for $23.8 million. And in October it licensed its name to be used on consumer digital cameras, pocket video cameras, and portable projectors.

It will also no longer make digital picture frames, or home computer printers. Sales of ink for those printers are declining but it expects to keep selling ink profitably through next year.

The reorganization plan, filed late Tuesday with U.S. Bankruptcy Court in the Southern District of New York, has Kodak focusing instead on commercial imaging and printing. It says it should be able to make money by supplying the electronics, chemicals, and printing surfaces used for commercial and graphics customers.

It also plans to provide professional services to commercial and digital printing markets.

Old shares Eastman Kodak Co. will be canceled, which is typical in bankruptcy cases. New shares will be issued, mostly to creditors.