Kodak Sees Post-Chapter 11 Path to Profitable Growth

ROCHESTER, NY—“Kodak: What’s Next Starts Now.” Antonio Perez, Kodak chairman and CEO, announced the company’s emergence from Chapter 11 as a reorganized company earlier this week, following completion of the final steps in the restructuring process.

“We have emerged as a technology company serving imaging for business markets—including packaging, functional printing, graphic communications and professional services,” said Perez. “We have been revitalized by our transformation and restructured to become a formidable competitor—leaner, with a strong capital structure, a healthy balance sheet and the industry’s best technology.”

Kodak completed the final steps in its Chapter 11 restructuring, including the spin‐off of its Personalized Imaging and Document Imaging businesses to Kodak Pension Plan, a longstanding pension plan of Kodak’s U.K. subsidiary. The company also successfully closed on its agreement for $695 million in term exit financing, paid off its debtor-in-possession lenders and second lien noteholders in full and completed its rights offerings, receiving approximately $406 million of new equity investments from participating unsecured creditors.

“We are setting a trajectory for profitable growth,” Perez noted. “We have the right technology at the right time as printing markets increasingly transition to digital. Our broad portfolio of offset, hybrid and digital solutions enables customers to make the transition at their chosen pace using our breakthrough technology solutions.”

The company has filed notice of the effectiveness of its plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York. Upon the effectiveness of the plan, all previously issued and outstanding shares of Kodak common stock were cancelled, as were all other previously issued and outstanding equity interests. Kodak issued shares of a new class of common stock to participants in the rights offerings and will issue additional shares of this new class of common stock to unsecured creditors as provided in the plan of reorganization. Kodak expects to make initial distributions on account of general unsecured claims by the end of September.

Kodak plans to file a report on Form 8‐K with the Securities and Exchange Commission including more details.