Today in Kodak bankruptcy 2013 news, a judge approved their reorganization plan. U.S. Bankruptcy Judge Allan Gropper gave the go ahead. According to Long Island Business News on August 21, 2013, the company expects to emerge from bankruptcy by Sept. 3.
Gropper noted that his approval of the plan will result in the loss of retirement and health care benefits for many former workers, while many of the company’s investors will recoup just pennies on the dollar.
Kodak bankruptcy was originally filed for last year. The company intends to remake itself as a much smaller, more nimble enterprise focusing on both commercial and packaging printing. Kodak had a difficult time for the past 10 to 20 years. It was one of the world's most recognizable brands until the mid-2000s.
The Kodak bankruptcy reorganization approval closes on chapter in the company’s history and begins another. George Eastman founded the Rochester, N.Y. firm in 1888. It was best known for its photographic products and had a strong connection with consumers through the 20th century.
Kodak attempted to generate revenue through patent litigation in the late-2000s, but ended up selling off many of its patents for just over $500 million Apple, Google, Adobe Systems, Microsoft, Facebook, and Amazon.
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