Just a few days ago we reported that Kodak had secure new loans to finance their ongoing restructuring into a commercial imaging business, and now Yahoo! reports that the company’s framework plan has been nodded off by judge Allan Gropper at the U.S. Bankrupty Court in Manhattan. This brings Kodak one step closer from exiting its Chapter 11 protection, under which it has been since declaring bankrupty back in 2012. As a last step for exiting bankruptcy, the company’s plan must be supported by its creditors, and then be finally signed off by Gropper. The way it looks now, it is very likely that this will happen. However, Gropper has voiced concern for some of Kodak’s minor shareholders, some of whom may see their investments go down the drainpipe. It is uncertain right now how the minor shareholders will be compensated, if at all.
For a full timeline of Kodak’s magnificent journey through bankruptcy, please refer to our recent article.