Eastman Kodak

Eastman Kodak Co. won court approval of a plan to exit bankruptcy as a commercial printing company that sells nothing to consumers.

The plan, which cuts about $4.1 billion of debt, was approved yesterday by U.S. Bankruptcy Judge Allan Gropper in Manhattan. It affirms Kodak’s move away from cameras, film sales and consumer photo developing, which made it a household name, to focus on printing technology for corporate customers.

The plan hinges on Kodak selling $406 million of new stock. The rights offering for 85 percent of the company’s equity will be backstopped by a creditor group that includes GSO

Continental Web Press in Itasca, IL, is celebrating its 40th year in the printing business by moving into a new digital print market, with the addition of a Kodak NexPress SX3300 digital production color press. The high efficiency of the new platform has encouraged many of Continental's existing web press customers to add additional digital jobs to their orders.

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 of Reorganization. "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," said Antonio M. Perez, chairman and CEO.

Kodak’s current board of directors has often been criticized for its oversight of the company and its top management during the near collapse of recent years. Only three names are carrying over from Kodak’s current 12-person board.

Such long-timers as Richard Braddock, who has been on the Kodak board since 1987, and Delano Lewis, a board member since 2001, will be gone.

At PRINT 13, the Mondi Group will showcase its expanded line of high-speed inkjet papers for dye and pigment digital printing systems. Mondi has worked closely with Canon, HP, Impika, Xerox, Kodak, Océ, Ricoh and others, to develop papers that optimize the capabilities of different high-speed inkjet presses.

PRINT 13, like the industry in general, will not be what it was in its heyday, but it still serves as the largest gathering of people and equipment in the Americas—making it well worth your time and money to attend.

Kodak has completed the syndication of its previously announced $695 million exit and post-emergence term-loan credit facilities. It is also in the final stages of completing syndication of an asset-based revolving credit facility that would be effective at emergence.

Antonio Perez, who oversaw Eastman Kodak during one of the most trying periods in company history, will be stepping down from the position by fall 2014 at the outside.

The Rochester, NY-based printing and imaging company said Tuesday night that Perez will serve as CEO of the company once it exits from bankruptcy, but only until a successor is named or for a year, whichever comes first. He then would serve as a consultant for up to two years.

Kodak said the post-bankruptcy management team, with Perez at the helm at least temporarily, “will ensure continuity...and has the expertise to continue the

The award recpients of the 2013 InterTech Technology Awards has been announced by the Printing Industries of America. The technologies receiving this respected award have been judged as truly innovative and are expected to advance the performance of the graphic communications industry. The award winners are...

Eastman Kodak, working its way through bankruptcy, has come to a critical fork in the road. Down one path, the thousands of creditors whom Kodak owes money sign up for a small repayment, and Kodak gets to move on from its Chapter 11.

Down the other, those creditors could vote against Kodak's proposed solution. And that would leave the company's plans for getting out of bankruptcy in limbo.

The former is the direction Kodak is counting on.