You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Kodak seeks court approval for reorganization plan


NEW YORK (AP) — A federal judge has approved Kodak’s plan to emerge from bankruptcy protection.

Judge Allan Gropper’s ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing. The company has said it hopes to emerge from bankruptcy protection on Sept. 3.

Founded in 1880, Eastman Kodak Co. filed for bankruptcy protection last year after struggling with increasing competition, the shift from film to digital photography and growing debt levels. Since its filing, Kodak has sold off many of its businesses and patents.

Last week, a majority of the company’s shareholders voted to approve its plan to emerge. But some retirees, shareholders and other parties have objected to it.

Although shareholders argued that they should be entitled for something in exchange for their stock, Gropper said he ruled at a previous hearing that they weren’t. He noted that the company’s creditors will only receive 4 cents or 5 cents on the dollar for their investments and that they’re entitled to be paid before shareholders are. Generally, holders of common stock do not receive anything for their shares when a company emerges from Chapter 11.

The U.S. Trustee has also filed an objection challenging the legality of hefty cash and stock bonuses that Kodak executives are expected to receive when the Rochester, N.Y., company exits from bankruptcy protection.



Reader Comments ...


Next Up in Business

Some worry over impact from health care law repeal
Some worry over impact from health care law repeal

The U.S. House of Representatives on Friday joined the U.S. Senate in passing a budget reconciliation measure that would allow Congress to de-fund key elements of the Affordable Care Act, including tax credit subsidies and federal funding for Medicaid expansion in states like Ohio. While some are rejoicing over the move, replacing President Obama&rsquo...
Will Obamacare repeal leave people in the lurch?
Will Obamacare repeal leave people in the lurch?

As Congress moves forward on a resolution to repeal the Affordable Care Act, experts have warned such a measure could crash the law’s commercial insurance program, jeopardizing coverage for 11.5 million Americans, including more than 230,000 Ohioans. But local industry leaders remain hopeful that congressional Republicans — who are leading...
Holiday retail sales up, but some stores suffering
Holiday retail sales up, but some stores suffering

Retail sales hit about $658 billion for the holiday season, but several chain retailers still announced the closures of hundreds of unprofitable brick-and-mortar stores in January — including several stores locally. “These numbers show that the nation’s slow-but-steady economic recovery is picking up speed and that consumers feel...
Hospitals on standby as Obamacare repeal moves forward
Hospitals on standby as Obamacare repeal moves forward

Local hospital executives are waiting to react after the U.S. House of Representatives took another step toward repealing the Affordable Care Act, voting Friday to pass a budget resolution already passed by the Senate a day earlier that would allow Congress to change portions of the law. President-elect Donald Trump, who takes office on Jan. 20, has...
Employers track medication use to combat abuse
Employers track medication use to combat abuse

Prescription drug abuse is at the forefront of human resources issues for many employers in Ohio — the epicenter of a national heroin and prescription drug epidemic that resulted in more overdose deaths last year than fatal car wrecks in the state. To address the problem, an increasing number of employers are examining the medications their employees...
More Stories