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Kodak Unloads Imaging Units to U.K. Retirees

Eastman Kodak revealed a deal on Monday to spin off its iconic camera-film business to U.K. retirees, in a move aimed at wiping out $2.8 billion in pension obligations.The transaction could pave the way for Kodak, which filed for bankruptcy in January 2012, to emerge from Chapter 11 proceedings later this year."In one comprehensive transaction, Kodak will realize its previously announced intention to divest its Personalized Imaging and Document Imaging businesses and settle its largest legacy liability," Kodak CEO Antonio Perez said in a statement.Perez said the deal resolves all potential claims worldwide and gives Kodak the liquidity needed to escape from bankruptcy proceedings.Under the terms of the deal, Kodak will hand control of its flagship camera-film business to the U.K. Kodak Pension Plan, or KPP, in exchange for erasing $2.8 billion of claims and a cash and non-cash consideration of $650 million."We are very pleased with the transaction, the value it creates for our stakehol...

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  1. Kodak in financing deal to leave bankruptcy -source

    Eastman Kodak Co said on Monday it has reached a $793 million financing deal with bondholders that could take the one-time photography giant out of bankruptcy.The de...

  2. Kodak did not mislead investors before bankruptcy: court

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  3. Kodak posts larger loss amid bankruptcy costs

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  4. Kodak to begin talks with creditors on reorganization plan

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  5. Kodak to Shed Another 1,000 Jobs by Year's End

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  6. Kodak to Shed Retail Print, Document Imaging Operations

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  11. WSJ: Kodak Hires Lawyers for Advice on Restructuring

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  12. Kodak in Free Fall: Stock Plunges 60%

    Struggling Eastman Kodak (NYSE:EK) has reportedly hired restructuring law firm Jones Day and is mulling a potential bankruptcy, sending the once-iconic imaging compa...

  1. Kodak to sell two imaging businesses to its UK pension for $650 mln

    Bankrupt photography pioneer Eastman Kodak Co said it will sell two of its remaining imaging businesses to its UK pension fund for $650 million.The agreement, subjec...

  2. Kodak to Sell Document Imaging Assets for $210M

    Eastman Kodak, the bankrupt camera and printer maker, agreed on Monday to sell some assets from its Document Imaging business to Brother Industries in a $210 million...

  3. Kodak posts bigger loss, but sees mid-2013 bankruptcy exit

    Eastman Kodak Co fourth-quarter loss more than tripled, but the camera pioneer said on Monday that it is on track to emerge from bankruptcy in the middle of 2013 as ...

  4. Kodak Amends Financing Terms

    Bankrupt imaging company Eastman Kodak announced on Friday it has reached an amended agreement with its lenders on final terms for interim and exit financing that ca...

  5. Kodak in $525 million patent deal, eyes bankruptcy end

    Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first hal...

  6. Hoping to End Bankruptcy, Kodak Sells Patents for $525M

    Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first hal...

  7. Kodak keeps control of bankruptcy through February 28

    Eastman Kodak Co won court permission on Wednesday to retain exclusive control of its bankruptcy case through February 28 as it tries to execute a $793 million finan...

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