Kodak’s Chapter 11 Bankruptcy is over
Posted on Tuesday, December 23rd, 2014 at 6:36 pm
American imaging solutions company Eastman Kodak was recently approved to exit their Chapter 11 Bankruptcy, the Democrat & Chronicle reported on December 16.
Kodak reportedly was allowed to undergo bankruptcy reorganization in September 2013 after filing for it in January 2012. Kodak reportedly will be sold to a British pension fund and they will be forced to settle claims to unsecured creditors. As Kodak will emerge from their bankruptcy, some of their debts before the filing were also wiped out. Kodak’s Christopher Veronda on December 15 stated that they will settle their remaining unsecured debts through GUC Trust. Another consequence of the bankruptcy process was streamlining expenses; both retiree benefits and company air crafts were dispensed of.
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