Home / Technology/ Kodak to sell two imaging businesses to its UK pension for $ 650 million

Kodak to sell two imaging businesses to its UK pension for $ 650 million


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 30 April 2013 00:30


Reuters:Bankrupt photography pioneer Eastman Kodak Co EKDKQ.PK said it will sell two of its remaining imaging businesses to its UK pension fund for $650 million.



The agreement, subject to approval by the U.S. Bankruptcy Court in Manhattan, also settles the fund’s claims of about $2.8 billion against Kodak.

The settlement assures Kodak’s continued operations outside the United States, Chief Executive Antonio Perez said in a statement.

Kodak has been trying to sell most of its consumer and document imaging businesses and shift its focus to commercial imaging.

The two businesses being sold are personalized imaging, which includes most consumer products and retail printing kiosks, and its document imaging unit that makes scanners for enterprise customers.

Kodak’s commercial imaging business includes its graphic communication, film and specialty chemical products.

Kodak last month amended its financing deal that required it to raise at least $600 million from the sale of noncommercial imaging assets.

The company, which launched its first camera in 1888, was unable to successfully shift to digital imaging and filed for bankruptcy protection last year.

Its bankruptcy case is in Re: Eastman Kodak Co. et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

The fish that swallowed the whale

Friday, 16 November 2018

This is an easy-peasy, elementary effort of an ordinary citizen to comprehend the mad scramble for power among the political class. It is undertaken in the belief that the crisis we face is an opportunity to reject the family kleptocracy of Mahinda R


Courting democracy; Housing disaster?

Thursday, 15 November 2018

A small step was taken by a sovereign court the day before yesterday. It was a giant leap for the supremacy of the Constitution over all three arms of government in a recently benighted Sri Lanka. As well as being the tangible proof of intra-governme


Sri Lanka’s Judiciary in its finest hour

Thursday, 15 November 2018

“We must never forget that the only real source of power we as judges can tap is the respect of the people” –Justice Thurgood Marshall


When scholars turn slayers of reason

Thursday, 15 November 2018

“… I think, that the intellectual is an individual endowed with a faculty of representing, embodying, articulating a message, a view, an attitude, philosophy or opinion to, as well as for, a public. And this role has an edge to it, and cannot be


Columnists More