Tagged: kodak

Kodak expects to emerge from bankruptcy as early as July according to the company’s reorganization plan filed late Tuesday.

The 78-page document filed with the US Bankruptcy Court, states the company expects to issue new stock to some of its creditors for almost $3 billion of unsecured debt. But under this plan, current shareholders would see their stock become worthless. 

Kodak filed for chapter 11 bankruptcy a year ago this week.

The intervening months have seen big layoffs, pay freezes for workers, and an end to benefits for many of the company’s retirees. However, Kodak also secured an extra 830-million in funding, and sold its patent portfolio.