Kodak Reorganization Approval Affirms Move from Cameras

Eastman Kodak Co. won court approval of a plan to exit bankruptcy as a commercial printing company that sells nothing to consumers.

The plan, which cuts about $4.1 billion of debt, was approved yesterday by U.S. Bankruptcy Judge Allan Gropper in Manhattan. It affirms Kodak’s move away from cameras, film sales and consumer photo developing, which made it a household name, to focus on printing technology for corporate customers.

The plan hinges on Kodak selling $406 million of new stock. The rights offering for 85 percent of the company’s equity will be backstopped by a creditor group that includes GSO