Following confirmation from the U.S. Bankruptcy Court for the Southern District of New York about Kodaks Plan of Reorganisation, Antonio M. Perez, Kodak Chairman and Chief Executive Officer, announced the company’s emergence from Chapter 11 on 4 September as a technology company focused on imaging for business.
We have emerged as a technology company serving imaging for business markets – including packaging, functional printing, graphic communications and professional services, said Perez. We have been revitalised by our transformation and restructured to become a formidable competitor – leaner, with a strong capital structure, a healthy balance sheet, and the industry’s best technology.
We are setting a trajectory for profitable growth, Perez said. We have the right technology at the right time as printing markets increasingly transition to digital. Our broad portfolio of offset, hybrid and digital solutions enables customers to make the transition at their chosen pace using our breakthrough technology solutions.
Kodak completed the final steps in its Chapter 11 restructuring, including the spin-off of its Personalised Imaging and Document Imaging businesses to Kodak Pension Plan, a longstanding pension plan of Kodak’s U.K. subsidiary. The company also successfully closed on its agreement for R7 billion ($695 million) in-term exit financing, paid off its DIP lenders and second lien noteholders in full and completed its rights offerings, receiving approximately R4 billion ($406 million) of new equity investments from participating unsecured creditors.
We thank our employees for their extraordinary skills and commitment. We thank our suppliers for their dedication. We thank our customers and partners for their loyalty and for inspiring us to create disruptive technologies and breakthrough solutions, said Perez.