US judge approves Kodak plan to exit bankruptcy
NEW YORK (REUTERS) - Eastman Kodak Co, once a mighty photography pioneer, earned court approval on Tuesday for a plan to emerge from bankruptcy as a much smaller digital-imaging company.
The green light from United States Bankruptcy Judge Allan Gropper in New York puts Kodak on track to exit bankruptcy in about two weeks.
"It will be enormously valuable for the company to get out of Chapter 11 and hopefully begin to regain its position in the pantheon of American business," Judge Gropper said.
Kodak, based in Rochester, New York, was for years synonymous with household cameras and family snapshots. It filed a US$6.75 billion (S$8.6 billion) bankruptcy in January 2012, weighed down by high pension costs and a years-long delay in embracing digital camera technology.