Fallen giant Kodak has started out on the long road to redemption after it gained permission from a US judge to emerge from an 18 month spell in bankruptcy.
The decision has left creditors with just 5 per cent of what they are owed with shareholders likely to be the biggest losers after the New York based fallen camera giant posted losses in excess of £1.13bn in 2008.
A fire sale of assets, including its film and photo printing divisions, has already left the firm as a shadow of its former self, focussing primarily on commercial printing and the manufacture of imaging sensors.
Commenting on their new lease of life Antonio Perez, Kodak’s chairman and chief executive, said that the firm will rise again ““as a technology leader serving large and growing commercial imaging markets – such as commercial printing, packaging, functional printing and professional services – with a leaner structure and a stronger balance sheet”.
Allan Gropper, the judge who oversaw the bankruptcy, said: ““Kodak is one of the best-known names of American business. Its decline in bankruptcy is a tragedy of American economic life. I’ve reviewed dozens of letters from Kodak shareholders asking how the company in which they invested fell so far.”