Iconic camera-maker beginning to emerge from bankruptcy
A U.S. bankruptcy judge has approved Kodak's plan to emerge from court oversight, paving the way for the company to reinvent itself as a new, much smaller concern focused on commercial and packaging printing.
Many of Kodak's traditional products and services are gone in the wake of the company's filing for bankruptcy protection last year, including the camera-making business that made it famous more than a century ago.
On Tuesday, U.S. Bankruptcy Judge Allan Gropper gave his sign-off for the company's new survival plan. For its part, Kodak said it hopes to emerge from bankruptcy protection as early as September 3.
Founded by George Eastman in 1880, Eastman Kodak Co. is credited with popularizing photography at the start of the 20th century and was known all over the world for its Brownie and Instamatic cameras and its yellow-and-red film boxes. It was first brought down by Japanese competition and then an inability to keep pace with the shift from film to digital technology.
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