Published October 12, 2012
Eastman Kodak Co said it will begin discussions with various creditor groups on a reorganization plan to emerge from bankruptcy protection.
The company said in a filing that it expects revenue of $833 million for 2013 from its commercial imaging digital printing business and $1.72 billion from its commercial imaging graphics, entertainment & commercial films. (http://r.reuters.com/dyq33t)
Kodak said there is interest from various parties in its commercial imaging business and interest among several potential lenders to finance the business.
"We are gratified that there appears to be interest among several potential lenders to finance this business and its emergence, and with this disclosure, we are now better positioned to explore these funding opportunities," Kodak Chief Executive Antonio Perez said.
The company had said last month that it would stop selling inkjet printers from next year as it winds down most of its consumer businesses.
The company which has already shuttered its digital camera business is continuing to explore options to sell its patents, estimated to be worth between $2.2 billion and $2.6 billion.
Kodak said the global August employee count will be reduced by 1,500.
Kodak filed for bankruptcy earlier this year after struggling to adapt to the digital age.
The case is In re: Eastman Kodak Co et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.
(Reporting by Tanya Agrawal in Bangalore; Editing by Roshni Menon)