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Post by busted1964 on Aug 19, 2013 5:02:42 GMT -5
www.democratandchronicle.com/apps/pbcs.dll/article?AID=2013130815007Unsecured creditors approve Kodak reorganization plan The various parties to whom Eastman Kodak Co. owes money have signed off on its plan for how it expects to partially pay them back. Kodak said Thursday that it received all the necessary votes it needs from different creditor classes. With that approval, the last major hurdle to Kodak ending its bankruptcy is U.S. Bankruptcy Court approval, which could come on Tuesday. In a statement, CEO Antonio M. Perez said that the company’s creditors “have clearly told us we have the right strategy for the future of Kodak. This significant endorsement of our plan enables Kodak to move toward emergence with the support of our creditors.” Voting on the plan were such groups as unsecured creditors — meaning generally parties left with unpaid bills when Kodak filed for bankruptcy in early 2012, such as suppliers — and retirees.
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