Kodak to file draft plan with bankruptcy court

Posted at: 04/30/2013 7:07 AM

How will Kodak emerge from Chapter 11 bankruptcy? On Tuesday, the former photo giant will file its draft plan with the bankruptcy court.

Kodak will also ask a bankruptcy judge to approve a plan to sell its personalized imaging and document imaging businesses to a British pension plan group.

The move will settle pension claims from retirees in Britain and give Kodak $650-million.

Kodak says it will use some of the proceeds to emerge from bankruptcy and grow its commercial imaging business.