Eastman Kodak has received a court approval to come out of bankruptcy as a much smaller digital imaging firm.
Bankruptcy exit plan approved
The company, once the biggest name in photography industry, had decided to exit bankruptcy.
Eastman Kodak was established in New York more than 100 years ago and pioneered the use of film in cameras.
US bankruptcy judge Allan Gropper agreed to the plans of the company, meaning it should be back trading in around two weeks.
Eastman Kodak Co. filed for bankruptcy protection a year ago, pushed out of business by the popularity of digital photography thatsignificantly reduced the demand for film.
Since then, the company has sold off a couple of its business and patents, and now plans to specialize on printing.
Different image of Kodak
Kodak’s legal representative, Andrew Dietderich, said the company bears little similarity of its former image, “Kodak is a different company that the one in the popular imagination and very different from the one that filed for bankruptcy.”
Although majority of the company’s stockholders agreed to the bankruptcy plan, some former staff and others complained about it.
Creditors are only expected to return some 5% of the money they are owed, and shareholders will be last in the line.