Kodak bankruptcy filed by the company has recently been approved by a judge at the federal level in order to have Kodak leave its former bankruptcy protection status, Yahoo Finance reported this Tuesday, Aug. 20. The photography giant will be transitioning into a new company focused not on pictures but on commercial printing and package processing.
A Kodak bankruptcy affair has been resolved, as the Kodak company released a public statement earlier today, noting that they intend to emerge from their prior bankruptcy protection as early as this Sept. 3.
Although this new transition from photography to printing and packaging may be seen as a surprise to many, it detracts nothing from Kodak Co.’s longstanding history has a U.S. company. Founded all the way back in 1880, Eastman Kodak Co. officially filed for bankruptcy protection in 2012 following its inability to keep up with the advanced competition.
The public transition from print to digital photography seemed to take its toll, as well as the financial struggles Americans have faced in recent years. During the Kodak bankruptcy processes, the company has since filed away many of its former business connections and patents, as it prepares to enter the field as a new company focused on processing and printing.
"Kodak is a different company that the one in the popular imagination and very different from the one that filed for bankruptcy," Kodak attorney Andrew Dietderich said to the court in the company seeking approval for its recent bankruptcy-exit plan.
Some shareholders in Kodak are not happy with the federal transition, however, as they contend that they should be given some benefit in exchange for their stock and its drastically changing direction. An official said that would not be the case, as the company’s own creditors were only received less than five cents on each dollar for their own investments, and that the creditors are automatically entitled to payment before any shareholders are.
What’s your take on the Kodak bankruptcy and the company’s transition from photography over to package printing?