Eastman Kodak Co.'s disclosure statement was approved by Bankruptcy Judge Allan Gropper yesterday, bringing the former photography company one step closer to exiting from chapter 11 protection to restructure as a commercial imaging business, Reuters reported yesterday. Kodak declared bankruptcy in January of 2012 because of high pension costs and after falling many years behind rivals in embracing digital technology in its photography business. It has since sold a variety of assets, and will emerge from chapter 11 as a mainly commercial imaging-focused enterprise. Last week, the company announced it had reached an $895 million financing deal with JPMorgan Chase & Co., Bank of America Corp. and Barclays Plc.
