Kodak Gains Court Approval for Bankruptcy Plan

ROCHESTER, NY—The Kodak Moment is over, at least from a consumer point of view. Eastman Kodak has received bankruptcy court approval for its reorganization plan, which slices away roughly $4.1 billion of debt and recasts the firm as one that serves businesses only.

Under the plan, according to Bloomberg, secured claims will be paid in full under the plan, while shareholders will receive nothing. Unsecured creditors, with estimated claims of about $2.2 billion, will be paid four to five cents on the dollar. Kodak termed the plan a "comprehensive compromise" between the company and its creditors.