Kodak Emerges from Bankrupcty, Shifts Focus to Business Markets
Daniel Acker/Bloomberg via Getty Images(NEW YORK) — Kodak emerged from bankruptcy Tuesday with a new company plan.
Kodak, the pioneer in consumer photography, is now focusing solely on printing for documents, publications, and product packaging.
Now, Kodak is what its chief executive calls “a totally new company.”
“We have emerged as a technology company serving imaging for business markets – including packaging, functional printing, graphic communications and professional services,” Kodak C.E.O Antonio M. Perez said Tuesday.
“We have been revitalized by our transformation and restructured to become a formidable competitor – leaner, with a strong capital structure, a healthy balance sheet, and the industry’s best technology.”
Kodak, which used to employ tens of thousands of people, now has 8,500 workers.
Kodak has completed the final steps of its restructuring, including the spin-off of its Personalized Imaging and Document Imaging businesses to Kodak Pension Plan.
Kodak also paid off its DIP lenders and completed its rights offerings.
Copyright 2013 ABC News Radio
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