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Creditors give Kodak plan the OK
Rochester, N.Y. -- Kodaks creditors voted in favor of the companys reorganization plan Thursday.
With the support, Kodak will seek confirmation of its Plan of Reorganization before U.S. Bankruptcy Court on Tuesday.
A federal bankruptcy judge Thursday also rejected a bid on behalf of Kodak shareholders to set up a committee representing their interests, saying the process could delay Kodaks emergence from Chapter 11 and citing unreasonable costs.
Kodak CEO Antonio Perez said the vote from the creditors puts Kodak on schedule to emerge from Chapter 11 in September.
Kodak will move forward as a technology company focused on imaging for business.