Pioneering photography company, Eastman Kodak, has been reportedly granted court approval to come out of bankruptcy as a smaller digital imaging company.
Eastman Kodak was founded in New York more than 100 years ago and pioneered the use of film in cameras, but ever since digital photography emerged, the company ran out of business and had planned to come out of bankruptcy in July.
According to reports, United States bankruptcy judge Allan Gropper has agreed to the company’s plans which suggests that it should be back in trading in about two weeks and the company now intends to specialise in printing.
Kodak’s legal representative, Andrew Dietderich, said that the renewed company is very different from the one in popular imagination and from the one that filed for bankruptcy.
A majority of shareholders approved the bankruptcy plan but others including former employees objected to it because creditors are expected to get back some 5% of the money they are owed.