Kodak restructures itself to avoid bankruptcy

Yesterday, Kodak Company revealed that it has reached an agreement with creditors to be more financially flexible in order to complete the restructuring and will withdraw from bankruptcy protection in the middle of this year. Through self-help, the 100-year brand Kodak avoided the fate of bankruptcy.

It is understood that as part of the transaction, part of the financing terms have been revised and Kodak can obtain at least $600 million in cash by selling non-commercial imaging assets, including document imaging and personal imaging services. In addition, Kodak will submit a reorganization plan in April this year, in which Kodak and its creditors will also hire a headhunter to determine the company's new director candidate. Kodak’s CEO Antonio M. Perez stated: “We are laying a clear road to becoming a stronger company with a focus on commercial imaging.”

In January 2012, Kodak filed for bankruptcy protection and tried to sell more than 1,000 core patented technologies at a price of about $2 billion. Although these patented technologies attracted companies including Apple, Google, etc., but due to huge differences in the price can not reach a deal, after Kodak further into trouble, selling a number of core businesses including the iconic camera business, and "downsizing "Become a company focused on commercial imaging. In November 2012, Kodak announced that it had reached a relevant agreement with the company’s creditors and obtained a financing package of US$830 million from a group of creditors. By the end of December, Kodak announced that it will sell approximately 1,100 digital imaging technology patents for US$525 million. Through a step-by-step self-rescue, Kodak's 100-year brand has finally emerged from bankruptcy.