Kodak nears bankruptcy end with 2-for-1 UK pension deal

Photography pioneer Eastman Kodak has cleared the last two hurdles to ending its bankruptcy in one leap, with an agreement to sell its remaining non-core businesses to its British pension fund for US$650 million (HK$5.05 billion).

The pension plan also agreed to give up a US$2.8 billion (HK$21.73 billion) claim against Kodak, resolving the largest unsecured claim against the company.

The agreement is subject to approval by the US Bankruptcy Court in Manhattan.

via Business feed http://www.scmp.com/business/companies/article/1226564/kodak-nears-bankruptcy-end-2-1-uk-pension-deal