Under the slogan ‘What’s next starts now’, Kodak has begun a new post-bankruptcy era.

Chairman and chief executive Antonio Perez has announced the

US company’s emergence from Chapter 11 as “a reorganised company, following completion of the final steps in the restructuring process”.

A new board now leads the company, representing stakeholders in its restructuring.

Perez says Kodak has emerged as a technology company serving imaging for business markets – including packaging, functional printing, graphic communications and professional services. “We have been revitalised by our transformation and restructured to become a formidable competitor – leaner, with a strong capital structure, a healthy balance sheet, and the industry’s best technology.”

Kodak completed the final steps in its Chapter 11 restructuring, including the spin‐off of its personalised imaging and document imaging businesses to Kodak Pension Plan, the longstanding pension plan of it UK subsidiary. The company also successfully closed on its agreement for $695 million in term exit financing, paid off its DIP lenders and second lien noteholders in full and completed its rights offerings, receiving approximately $406 million of new equity investments from participating unsecured creditors.

“We are setting a trajectory for profitable growth,” Perez says. “We have the right technology at the right time as printing markets increasingly transition to digital. Our broad portfolio of offset, hybrid and digital solutions enables customers to make the transition at their chosen pace using our breakthrough technology solutions.

“We thank our employees for their extraordinary skills and commitment. We thank our suppliers for their dedication. We thank our customers and partners for their loyalty and for inspiring us to create disruptive technologies and breakthrough solutions.”

The company has filed notice of the effectiveness of its Plan of Reorganisation with the US Bankruptcy Court for the Southern District of New York. As the plan takes effect, all previously issued and outstanding shares of Kodak common stock have been cancelled, as were all other previously issued and outstanding equity interests. Kodak issued shares of a new class of common stock to participants in the rights offerings and will issue additional shares of this new class of common stock to unsecured creditors as provided in the Plan of Reorganisation.

Kodak says it expects to make initial distributions on account of general unsecured claims by the end of September. It will file a report on Form 8‐K with the Securities and Exchange Commission including more details.