A Manhattan bankruptcy judge has approved a plan for Eastman Kodak to emerge from chapter 11 as early as Sept. 3, ABC News reported yesterday. The new company will not bear much resemblance to the film-and-camera company of yesteryear, though, as it will not be making or selling any products to consumers. Hon. Allan Gropper, in approving the plan, called it necessary to Kodak's regaining what he called "its position in the pantheon of American business." Kodak said in a statement that it is transforming itself into a seller of digital printing services to other businesses. The company’s traditional consumer products will be made by another entity, which is owned by a U.K. pension fund and yet to be named. In order to settle $3 billion worth of pension obligations to its former workers in the U.K., Kodak is selling its consumer film and camera business to the workers' pension fund. Kodak’s spokesperson said that the fund has not yet settled on a name but that it has the legal right to continue using the name Kodak.
