Kodak out of trouble: approval of Bankruptcy request

Kodak after 1.5 of bankruptcy protection finally gradually out of the plight of Sina science and technology news in Beijing August 21 morning, the U.S. Bankruptcy Judge Allen Gros Cooper (Allan Gropper) approved the Kodak out of bankruptcy program in Tuesday, The once-tech giant has finally come out of the woods after 1.5 of bankruptcy protection. After the bankruptcy, Kodak size will be greatly reduced. Groper said: "The departure from bankruptcy is very important for Kodak, hope that the United States century-old shop can rally to revive." "Kodak has long been a pioneer in film filming, and the company filed for bankruptcy protection in January 2012." Antonio Perez, Kodak CEO Antonio Pereze, said in a statement that the company would soon be officially out of bankruptcy and back into the imaging market, although the company would be smaller than before. Kodak expects revenue to be around 2.5 billion dollars this year, about half the time it was filed for bankruptcy. This June, Kodak and JPMorgan Chase (52.12,0.29,0.56%), Bank of America (14.29,0.14,0.99%) and Barclays Bank of England reached a 895 million dollar financing agreement. In addition, the company plans to sell 34 million shares worth 406 million of dollars to repay the debt. The shares are equivalent to 85% of the restructured company's equity. At a hearing held in Tuesday, Kodak shareholders said the value of the company's reorganization was grossly underestimated and hoped that a special Committee would be set up to represent the interests of shareholders. But Judge Groper rejected the request. (Chen)