Kodak to Sell Two Businesses to Its UK Pension Fund

Eastman Kodak
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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.