Kodak Creditors Support Plan of Reorganization
ROCHESTER, NY—August 15, 2013—Kodak’s creditors have voted in favor of its Plan of Reorganization, and with this positive outcome, the company is well positioned to seek confirmation of its Plan of Reorganization at the confirmation hearing scheduled for August 20 before the U.S. Bankruptcy Court for the Southern District of New York.
In its filings with the Bankruptcy Court, Kodak reported that all classes of the company’s eligible creditors voted strongly in favor of the company’s Plan.
“Our creditors have clearly told us we have the right strategy for the future of Kodak,” said Antonio M. Perez, chairman and CEO. “This significant endorsement of our Plan enables Kodak to move toward emergence with the support of our creditors. We are on task and on schedule. We look forward to our confirmation hearing next week and then to emerging from Chapter 11 as a technology company focused on imaging for business.”
The confirmation hearing on Kodak’s Plan of Reorganization is currently scheduled for 11:00 a.m. ET on August 20, 2013.
Kodak is transforming into a B2B company focused on its Commercial Imaging business. Kodak will be centered on commercial, packaging and functional printing solutions and enterprise services, markets in which it offers customers advanced technologies that give them a competitive edge. The company also offers leading products and services in Entertainment Imaging and Commercial Films. Its Personalized Imaging and Document Imaging businesses are being spun off to KPP.