The Norman Transcript

August 21, 2013

Judge approves Kodak plan to exit bankruptcy

Associated Press
The Associated Press

NEW YORK — Kodak doesn’t look a whole lot like it did when it filed for bankruptcy protection last year, but its executives and investors are hoping for a picture-perfect future.

Many of its products and services are gone, including the camera-making business that made it famous more than a century ago. Also gone are scores of workers, manufacturing facilities, supply contracts and millions of dollars in investments.

On Tuesday, U.S. Bankruptcy Judge Allan Gropper approved the company’s plan to emerge from court oversight, paving the way for it to recreate itself as a new, much smaller company focused on commercial and packaging printing. Kodak said it hopes to emerge from bankruptcy protection as early as Sept. 3.

“They still have people with immense skill and who know how to win,” said Mark Zupan, dean of the business school at the University of Rochester, near Kodak’s headquarters.