kodak it emerges from bankruptcy with tech focus
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

Kodak: It emerges from bankruptcy with tech focus

Arab Today, arab today

Arab Today, arab today Kodak: It emerges from bankruptcy with tech focus

New York - AFP

A slimmed-down Kodak announced Tuesday that it had emerged from bankruptcy protection and would specialize in technology focused on imaging for businesses. During a 20-month bankruptcy reorganization, Kodak divested many of its most iconic businesses, including its retail film products, its photography paper products and some 105,000 kiosks worldwide. The company\'s re-emergence opens a new chapter for an enterprise that helped launch photography for the masses in the 20th century but stumbled amid the digital revolution. The newly-remade Kodak now has about 8,500 employees, a Kodak spokesman said, down from 120,000 workers in 1973. The new company has manufacturing and technology centers in 10 countries and sells products in more than 130 countries. \"We have emerged as a technology company serving imaging for business markets -- including packaging, functional printing, graphic communications and professional services,\" said Kodak chief executive Antonio Perez in a statement. \"We are setting a trajectory for profitable growth,\" Perez said. \"We have the right technology at the right time as printing markets increasingly transition to digital.\" The company has net cash of $695 million above its net debt, a Kodak spokesman said. Kodak divested many of its operations during the bankruptcy. In the biggest deal, Kodak sold its personalized and document imaging business to the UK Kodak Pension Plan (KPP), its largest creditor. Under the agreement, announced in April, the pension plan agreed to pay Kodak $650 million in exchange for the settlement of $2.8 billion in claims against Kodak. KPP is housing the products under a new company known as Kodak Alaris. The operation will have some 4,700 employees in about 30 countries, said a KPP news release. Kodak also divested its digital imaging patents for $525 million A New York bankruptcy court had approved Kodak\'s reorganization plan on August 20, but the company said at the time it still had some final steps before exiting Chapter 11 bankruptcy protection. Kodak said Tuesday it had completed the spinoff of assets to the UK Kodak Pension Plan, closed an agreement for $695 million in financing and obtained $406 million in new equity investments from unsecured creditors. Kodak filed for bankruptcy protection from its creditors in January 2012, after 131 years in business, as the company fell behind rivals in digital photography. At the time, Kodak had not reported a profit since 2008 and had accumulated billions of dollars in debt. The Rochester, New York-based company, started in 1892, led the way in popularizing the cameras, film, slide projectors and home videos that preserved the memories of generations of Americans and others around the world. Kodak was among the early developers of digital imaging, but lost ground to rivals as the company failed to adapt its business lines. A previous reorganization launched in 2003 by Perez to emphasize digital businesses eliminated 47,000 jobs in eight years.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kodak it emerges from bankruptcy with tech focus kodak it emerges from bankruptcy with tech focus

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kodak it emerges from bankruptcy with tech focus kodak it emerges from bankruptcy with tech focus

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday