Now with a patent sale, new financing and asset offloads under its belt, Kodak's homing in on when it might emerge from Chapter 11 bankruptcy. In January, the imaging giant predicted it might finally exit its financial default by mid-2013, and now it's filed paperwork with a New York court indicating it's on track to meet that goal sometime during its third quarter this year. In addition to the timeline update, the Plan of Reorganization and Disclosure Statement outlines how the firm's debts have been settled and its future plans, which place heavy emphasis on its commercial imaging business. A hearing for the document and associated strategy is anticipated to be scheduled in mid-June, and creditors will arrange a vote afterwards to decide if everything's to their liking. Kodak's certainly not out of the woods just yet, but it's plodding steadily towards the clearing.

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Filed under: Cameras, Misc

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Source: Kodak

Kodak may have offered to sell key parts of its document imaging unit to Brother for $210 million, but even that amount is just a small step on the company's long road out of bankruptcy. The company has been looking for a sweeter deal -- and it just found one by settling with its very own UK Kodak Pension Plan. The agreement offloads control of both the document and personal imaging units (read: scanners and film) in return for eliminating a hefty $2.8 billion in claims and receiving $650 million in 'considerations' that include cash. Kodak has already received approval from the UK's Pension Regulator and expects to submit its plans to a US bankruptcy court on Tuesday. We've also confirmed with Kodak that this will supercede the Brother deal as long as it's approved, so there shouldn't be any legal entanglements from changing suitors. As such, Kodak is well on its way to a healthier (if much smaller) company.

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Filed under: Cameras, Peripherals

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Via: The Guardian, Wall Street Journal

Source: Kodak