Eastman Kodak, the one-time leader in photography is set to come out of bankruptcy after gaining court approval. It will now continue trading as a digital imaging company of much smaller size, specialising in printing.
The company filed for bankruptcy early last year, around 100 years after its establishment in New York, which saw it grow to the pioneer of film in cameras.
According to the BBC, Andrew Dietderich, the legal representative for Kodak, said: “Kodak is a different company that the one in the popular imagination and very different from the one that filed for bankruptcy.''
Despite this positive news, it is thought that creditors are expected to receive only 5% of what they are owed.
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