WHAM13 - Search Results
Kodak emerges from Ch. 11 bankruptcy
Rochester, N.Y. - Eastman Kodak emerged from Chapter 11 bankruptcy Tuesday afternoon.
The company initially filed for bankruptcy in January 2012. The company's restructuring plan was approved by a federal judge August 20.
All previously issued and outstanding shares of Kodak common stock have been cancelled, along with all
other previously issued and outstanding equity interests.
Shares of new stock will be distributed to rights offerings participants and unsecured creditors, as promised in the Plan of Reorganization, by the end of September.
A statement from Antonio M. Perez, Kodak Chairman and Chief Executive Office reads:
We have emerged as a technology company serving imaging for business markets
including packaging, functional printing, graphic communications and professional services...We have been revitalized by our transformation and restructured to become a formidable competitor leaner, with a strong capital structure, a healthy balance sheet, and the industrys best technology.
More information will become available later Tuesday when Kodak files a report on Form 8K with the Securities and Exchange Commission.
13WHAM News will continue to cover this story on 13WHAM News at 5 and 6, and right here on 13wham.com.