Kodak to Sell Two Businesses to Its UK Pension Fund
Bankrupt photography pioneer Eastman Kodak has announced that it is selling two of its remaining imaging businesses to its U.K. pension fund for $650 million.
The agreement, subject to approval by the U.S. Bankruptcy Court in Manhattan, also settles the fund's claims of about $2.8 billion against Kodak.
The settlement assures Kodak's continued operations outside the U.S., CEO Antonio Perez said in a statement.
Kodak has been trying to divest most of its consumer and document-imaging businesses, and focus on commercial imaging.
The two businesses being sold are personalized imaging, which includes most consumer products and retail-printing kiosks, and the document-imaging unit that makes scanners for enterprise customers.
Kodak's commercial imaging business includes graphic communication, film and specialty chemical products.
Last month, the company amended a financing deal requiring it to raise at least $600 million from selling noncommercial imaging assets.
Kodak, which introduced its first camera in 1888, filed for bankruptcy protection last year after being unable to successfully shift to digital imaging.