Kodak says it has exited bankruptcy
ROCHESTER, N.Y. (AP) — Kodak’s trip through bankruptcy is now a memory for the scrapbook.
Kodak said it finished its restructuring and exited Chapter 11 on Tuesday.
The company said it’s now a commercial imaging company serving business markets such as packaging and graphics. Chairman and CEO Antonio Perez said it’s on track for profitable growth.
Kodak filed for bankruptcy protection last year, brought down by increasing competition, digital photography, and debt. Since then it has sold off many of its businesses and patents, while shutting down the camera manufacturing unit that made it famous.
It spun off its personal imaging and document imaging units to its pension plan.
Kodak said its old stock is canceled as of Tuesday. Creditors are getting shares in the reorganized company.