Court approves Kodak's settlement with U.K. pension plan

Posted at: 06/21/2013 6:22 AM

Kodak has taken another step towards emerging from Chapter 11 bankruptcy.

A bankruptcy court has officially approved the company’s settlement with its pension program in the UK. This agreement means Kodak’s personalized imaging and document imaging businesses will be owned by the pension plan.

The court says this is a critical move in Kodak’s efforts to come out of Chapter 11 restructuring.

On Thursday, Kodak announced it secured $895-million from three large banks to pay off creditors. The deal still has to be approved.