Kodak announced that it has emerged from Chapter 11 bankruptcy protection after completing the final steps in the restructuring process.
“… The motion picture film business will continue to be part of the company’s future,” said Andrew Evenski, president, Kodak Entertainment and Commercial Films. “We are manufacturing film; we’ve inked contracts with six studios; labs around the world are dedicated to quality service, and most importantly, filmmakers are choosing film.”
“Kodak’s Entertainment Imaging represents a stable and profitable division of the company,” Evenski added. “Moving forward, I am confident in our ongoing ability to provide value to the motion picture and television industries, which has been our honor to serve for so many years. We are grateful to our customers and partners for standing by Kodak throughout this process.”
As part of its restructuring, the company, which filed for protection in January 2012, spun-off its Personalized Imaging and Document Imaging businesses to Kodak Pension Plan, a longstanding pension plan of Kodak’s U.K. subsidiary. The company also closed an agreement for $695 million in term exit financing, paid off its DIP lenders and second lien noteholders in full, and completed its rights offerings, receiving approximately $406 million of new equity investments from unsecured creditors.
“We have emerged as a technology company serving imaging for business markets – including packaging, functional printing, graphic communications and professional services,” said Antonio Perez, Kodak chairman and chief executive officer. “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 industry’s best technology.”