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Kodak bankruptcy plan approved, former film giant exits consumer business
The Kodak planning to exit from bankruptcy on September 3rd looks very different from the familiar imaging company that filed for Chapter 11 last year. The U.S. Bankruptcy court has approved Kodak's plan for reorganization, a step that means the company can resume independent operation soon. CEO Antonio M. Perez issued a statement emphasizing Kodak's move into commercial imaging for a profitable future, including "packaging, functional printing and professional services."
Over a year into bankruptcy, Kodak has moved rapidly away from consumer business. With approval of the bankruptcy plan, its Personal Imaging business, which includes kiosks and production of Kodak film, will now be sold to UK employees' pension plan. The brand name is also under license by J.K. Imaging, currently selling superzooms, compacts and waterproof video cameras bearing the Kodak name. It's also teased a Kodak S-1 - a prototype Micro Four Thirds camera with built-in Wi-Fi - and an enthusiast compact with a 28-112mm equivalent F1.8-2.5 lens that's suspiciously similar to the Olympus XZ-2's zoom.
Kodak also dropped its consumer printing division last year - what remains is Kodak's commercial and B2B imaging services, business that could carry the much leaner company back into profitability. Betting on this segment of the market for survival, a post-bankruptcy Kodak is hardly recognizable as the company that inspired its own 'moment.'