By Joe Schneider - May 1, 2013 3:12 PM ET
Eastman Kodak Co. (EKDKQ), the bankrupt photography pioneer, offered to swap $2.7 billion of unsecured debt for shares in a new company under a plan to exit court protection.
The proposal, filed yesterday in U.S. Bankruptcy Court in Manhattan, follows an agreement announced this week with Kodak’s U.K. pension plan under which the Rochester, New York-based company agreed to spin off its personalized- and document- imaging businesses for $650 million and settle $2.8 billion of claims.
“We now have a clear path forward for Kodak,” Antonio Perez, chairman and chief executive officer, said in a statement yesterday issued by Business Wire. “We are positioning the company for a profitable and sustainable future.”
Kodak filed for bankruptcy last year and is reorganizing around its commercial imaging business. It said it expects to emerge from bankruptcy in the third quarter.