WASHINGTON — Eastman Kodak, once a powerhouse when it came to cameras, photography, camera equipment and products, has now been approved to exit bankruptcy.
Reuters reports that it will become a smaller digital-imaging company, a far cry from its glory days.
U.S. Bankruptcy Judge Allan Gropper in New York gave the go-ahead to Kodak to move out of bankruptcy in about two weeks. It has been in Chapter 11 bankruptcy since January 2012 when it declared a $6.75 billion bankruptcy.
Who were the culprits? High pension costs (which bankrupt cities like Detroit, Michigan and Stockton, California are dealing with) and a slow move towards digital technology.
With the advent of the iPhone and smartphones with cameras, it has made the typical, old-fashioned camera obsolete in most homes.
Now, Kodak will focus on high-speed digital printing technology and flexible packaging for consumer goods.