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Eastman Kodak Co.’s plan to exit Chapter 11 bankruptcy protection received a federal judge’s approval Tuesday.
The order issued by U.S. Bankruptcy Court Judge Allan Gropper allows Kodak to proceed with its plan to emerge from bankruptcy in early September. He confirmed the plan that outlines the company’s strategy to become a leader among firms serving commercial imaging markets.
In its restructuring since filing for Chapter 11 protection in January 2012, Kodak has reduced legacy costs and exited or spun off a range of “non-core” businesses and assets.
“This critically important milestone marks the final step in the court process,” said Antonio Perez, Kodak chairman and CEO, in a statement. “Next, we move on to emergence as a technology leader serving large and growing commercial imaging markets—such as commercial printing, packaging, functional printing and professional service—with a leaner structure and a stronger balance sheet.
“There are additional transactional steps ahead as we complete our Chapter 11 restructuring,” he added, “but with the court’s decision today, our emergence is now imminent.”
Kodak said it expects to complete its reorganization, including closing its settlement with the Kodak Pension Plan, and emerge from Chapter 11 on Sept. 3.
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