Hopeful of emerging out of bankruptcy 2013 end: Kodak
COIMBATORE: Kodak, the multinational photograph and equipment major, is hopeful of emerging out of bankruptcy by the end of the year, a top official said today.
"Kodak would emerge out of bankruptcy in 2013, since it has renewed its focus on commercial imaging and functional printing and expected sale of personalised imaging and photo finishing businesses," Oscar Planas, Managing Director, India-South East Asia, Kodak, told reporters here.
The company has successfully resolved its legacy issues and it is well on track and would emerge out of bankruptcy before the end of this year, Planas said.
Kodak filed for Chapter 11 bankruptcy protection in the US, which gives companies time to re-organise debt and sell parts of their business, in January 2012.
Stating that the Kodak was in the advanced stage of negotiations to sell its camera film (personalised imaging) photography paper (photo finishing) businesses, he said "there are many interested parties and the company is in the process of finalising the sale (of these businesses)".
"The buyers could be announced in a couple of months," Planas, here to inaugurate Print Hub's new print facility with Kodak NexPress, said, adding that the company has sold about 10 per cent of its patents portfolio for USD 525 million in December last to cut down the debt.
India has huge potential and is already one of the largest among emerging markets, Planas said.