Announced on 3 September by chairman and chief executive officer, Antonio M Perez, Kodak has emerged from Chapter 11 as a reorganised company, following completion of the final steps in the restructuring process.
‘We have emerged as a technology company serving imaging for business markets, including packaging, functional printing, graphic communications and professional services,’ said Mr Perez. ‘We have been revitalised 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.’
Kodak completed the final steps in its Chapter 11 restructuring, including the spin‐off of its Personalized Imaging and Document Imaging businesses to Kodak Pension Plan, a longstanding pension plan of Kodak’s UK subsidiary. The company also successfully closed on its 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 participating unsecured creditors.
‘We are setting a trajectory for profitable growth,’ Mr Perez continued. ‘We have the right technology at the right time as printing markets increasingly transition to digital. Our broad portfolio of offset, hybrid and digital solutions enables customers to make the transition at their chosen pace using our breakthrough technology solutions.
‘We thank our employees for their extraordinary skills and commitment. We thank our suppliers for their dedication. We thank our customers and partners for their loyalty and for inspiring us to create disruptive technologies and breakthrough solutions.’
