Eastman Kodak Company (OTCMKTS:EKDKQ) is working to outline its post-bankruptcy plans. The printing and imaging company said Tuesday that its chief executive Antonio Perez will leave his position after the company emerges out of bankruptcy. Perez will remain at the helm after bankruptcy for one year or until the company finds a successor. Perez will then act as a consultant for the company for two years.
Kodak to come out of bankruptcy in September
The Rochester, New York-based Eastman Kodak Company (OTCMKTS:EKDKQ) filed for Chapter 11 bankruptcy in January 2012. Since then, it has sold a number of business units and laid off thousands of employees to focus on commercial and packaging printing businesses. Kodak expects to come out of bankruptcy by the first week of September. The Bankruptcy Court in Manhattan is expected to hold a confirmation hearing on the company’s revival plan, reports Matthew Daneman of USA Today.
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Eastman Kodak Company (OTCMKTS:EKDKQ) said in a statement that Perez will remain the CEO of the company temporarily. So, the company will have the necessary expertise to continue with the restructuring plan. The company worked out post-bankruptcy leadership along with a group of financiers that are guaranteeing the funds that will be used to pay for bankruptcy and finance immediate operations.
Perez led Kodak through tumultuous times
Antonio Perez has led Eastman Kodak Company (OTCMKTS:EKDKQ) through most tumultuous times in its history. He joined Kodak as president in 2003 and became its CEO in 2005. He oversaw the company’s four-year restructuring that involved demolition of several company-owned buildings, massive job cuts and selling of businesses like health imaging.
Perez created a new strategy to replace the dying chemical-based film and imaging business. He sold the document imaging and personal imaging businesses to UK Pension Fund for $650 million. In March 2012, Eastman Kodak Company (OTCMKTS:EKDKQ) sold its online photo service business to Shutterfly. Kodak now plans to focus exclusively on printing technologies.
Eastman Kodak Company (OTCMKTS:EKDKQ) shares were down 0.71 percent to $0.112 at 12:04 PM EDT.