The U.S. Bankruptcy Court on Friday approved a deal between Eastman Kodak Co. and CVS/pharmacy that extends the firms' relationship for four years, the Rochester (N.Y.) Business Journal reported Friday. Kodak had announced Nov. 16 the extension with CVS/pharmacy, which is the largest customer of Kodak's Retail Systems Solutions (RSS) business. RSS is part of Kodak's Personalized Imaging business, which the company is trying to sell. Because the agreement resolves certain pre-chapter 11 issues between the two companies, it was brought before the court for approval at Friday's hearing, Kodak said. The deal extends through 2016 Kodak's relationship with CVS/pharmacy, the retail division of CVS Caremark Corp. CVS/pharmacy operates 7,400 stores across the country. Its stores have more than 15,000 Kodak kiosks. As part of the agreement, CVS/pharmacy will be upgrading and expanding its fleet of Kodak Adaptive Picture Exchange dry lab systems. Kodak in August announced plans to sell both its Personalized Imaging and Document Imaging businesses. The company said it aimed to complete the transactions in the first half of 2013. Kodak in August reported that the segment generated $1.3 billion in revenues in 2011 and projected its sales would dip to $1.1 billion this year.
