This Week
  • Heritage Packaging in Victor has a reputation for solving problems for customers.

  • Medical intervention is critical for patients suffering from congestive heart failure.

  • Sydor Instruments has acquired a company that will double the Chili firm's sales.

  • Christopher Liucci, G&W's top local executive, thrives on challenge.

  • Anne Gabel, 27, owns MJ Gabel Diamond and Jewelry Buyers.

  • The world's best women golfers will pay a final visit to Rochester.

Court gives OK to sale of Kodak businesses to pension plan

Rochester Business Journal
June 20, 2013

Eastman Kodak Co.  on Thursday received approval from the U.S. Bankruptcy Court of the Southern District of New York for a settlement agreement with the U.K. Kodak Pension Plan.

The pension plan is Kodak’s largest single creditor in regards to the company’s Chapter 11 Bankruptcy reorganization plan. Under the agreement, which initially was announced in April, Kodak’s Personalized Imaging and Document Imaging businesses would be spun off under the ownership of the pension plan.

The agreement settles $2.8 billion U.K. Kodak Pension Plan claims, and Kodak is to receive cash and non-cash consideration of $650 million. The deal is expected to be finalized after Kodak receives approval of its reorganization plan. That approval is expected to happen by mid-fall.

“We have been working in close cooperation with (Kodak Pension Plan) to achieve a smooth transition for our PI andDI employees and customers to a new owner—one who clearly recognizes the value of these businesses and intends to help them grow and succeed,” Kodak chairman and CEO Antonio Perez said. “We look forward now to completing our reorganization and emerging as a company focused on Commercial Imaging.”

 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
 


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google