In an epochal shift within the photographic community, struggling Kodak has sold the last of its core film and imaging divisions as part of its Chapter 11 bankruptcy procedures, in a deal worth $2.8 billion.
With the agreement, the Rochester, N.Y.-based company will cede control of its Personal Imaging and Document Imaging divisions to the United Kingdom’s Kodak Pension Plan, which is the firm’s largest creditor. Kodak will also receive $650 million in cash and other assets in exchange for the divisions.
The Personal Imaging division includes more than 100,000 Kodak kiosks still operating globally, as well as photographic paper, photographic film and souvenir photo products. The Document Imaging division produces digital devices, such as scanners and related software.
In a statement from Kodak CEO Antonio Perez, the deal will stabilize the business, enable Kodak to emerge from Chapter 11 and re-brand itself as a commercial printing company.
Earlier this year, Kodak licensed its name to JK Imaging to produce several lines of digital cameras and camcorders. One of these cameras is the Kodak S1 interchangeable lens model, using the Micro Four Thirds system.