Kodak Co.

Kodak chairman/CEO Antonio M. Perez has reported the company’s emergence from Chapter 11 as a reorganized company, following completion of the final steps in the restructuring process.

The award recpients of the 2013 InterTech Technology Awards have been announced by the Printing Industries of America. The technologies receiving this respected award have been judged as truly innovative and are expected to advance the performance of the graphic communications industry. The award winners are...

The agreement between Kodak and Nimble Storage will allow Kodak to refer Nimble Storage products and services to its customers who are moving their systems to a virtualized server environment.

Kodak has filed its Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court for the Southern District of New York. The company expects the court to schedule a hearing in mid-June to determine the adequacy of the disclosures contained in the documents to provide creditors the ability to evaluate the company’s Plan of Reorganization.

Kodak has reached an agreement with the Steering Committee of the Second Lien Noteholders to amend the terms for the previously-announced interim and exit financing package. “We are establishing a clear path for our emergence as a stronger, focused commercial imaging company,” said Antonio M. Perez, chairman and CEO.

Kodak outlined its next steps toward emergence from Chapter 11 reorganization as a company primarily focused on commercial, packaging and functional printing solutions and enterprise services.The company has initiated sale processes for its Personalized Imaging and Document Imaging businesses.

Kodak's top executives could be in line for big bonuses if creditors get some payback and if the company successfully emerges from bankruptcy or gets acquired. The printing and imaging company on Wednesday filed a motion in U.S. Bankruptcy Court seeking approval for as much as $17.6 million in bonuses for 15 executives.

Such bonus programs are common in Chapter 11 cases of publicly held companies, said Robert Rock, senior bankruptcy attorney with Albany-based law firm Tully Rinckey.

“The concept is that these bonuses are given to key executives in order to keep them with the reorganizing company at a time when

(Chairman and CEO Antonio) Perez explained the current management structure was right for when the company focused on stabilizing its businesses and strategy development. “But now we…need to focus our top leaders on our key tasks, personal accountability and accomplishing our plan. We must also continue to reduce the company's cost structure by identifying opportunities to flatten the organization.”
 
The company is organizing its business lines into three operating groups: Digital Printing and Enterprise Group, led by Kodak president Philip Faraci; Graphics, Entertainment and Commercial Films Group, led by Brad Kruchten, senior vice president; and Consumer Group, which is to be

In addition to the full portfolio of products on display, Kodak’s customers will be sharing their stories each day in the K-Zone. Through interviews, panel discussions, and videos, attendees will learn more about the services and business-building applications enabled by KODAK Solutions in the commercial print, publishing, and packaging markets.