Kodak looks to re-emerge from bankruptcy
ROCHESTER, N.Y. — Kodak is hoping to extend its exclusive right to file a plan of reorganization.
The company, which officially filed for Chapter 11 bankruptcy in January, said it will highlight its restructuring accomplishments to date and hopes the extension will "assist the company as it continues its progress toward successful emergence in the first half of 2013." The company will call out such progress highlights as: the successful stabilization of its business; the development of its emergence plan; significant operating improvements; the expansion of customer and vendor relationships and substantial cost reductions.
"Kodak is making good progress toward emergence from Chapter 11, taking significant actions to reorganize our core ongoing businesses, reduce costs, sell assets, and streamline our organizational structure," Kodak chairman and CEO Antonio Perez said. "Steps, such as the sale of Personalized Imaging and Document Imaging, and the Consumer Inkjet decision, will substantially advance the transformation of our business to focus on commercial, packaging and functional printing solutions and enterprise services. As we complete the other key objectives of our restructuring in the weeks ahead, we will be well positioned to emerge successfully in 2013."