When Kodak filed for Chapter 11 bankruptcy in January of last year, it estimated that it would recover by mid-2013. Thanks to a court ruling today that approved new financing, the company appears close to fulfilling its plan; Kodak writes in an release announcing the court decision that the $844 million in financing will help the company exit bankruptcy mid-year. The approval follows a number of measures Kodak has taken in the last year as part of its reorganization, including a $525 million patent sale, the sale of its film and kiosk divisions, an exit from the consumer printing business, and a licensing deal that lends the Kodak name to products from JK Imaging. As Bloomberg reports, Kodak attorney Andrew Dietderich said that the company’s “financial picture is a stark contrast to the company that filed for Chapter 11 this time last year.” The company says it is in the final phase of its restructuring.
Kodak plans to emerge from bankruptcy this year as court approves $844 million in financing
is a senior editor who has obsessed over headlines and internet speeds since 2011. He previously worked as an advocate for the National Park System.
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