Kodak emerges from bankruptcy with tech focus

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A slimmed-down Kodak announced Tuesday that it had emerged from bankruptcy protection and would specialize in technology focused on imaging for businesses.

Kodak had filed for bankruptcy protection from its creditors in January 2012, after 131 years in business, as the company fell behind rivals in digital photography.

The Rochester, New York-based company, started in 1892, led the way in popularizing the cameras, film, slide projectors and home videos that preserved the memories of generations of Americans and others around the world.

Kodak was among the early developers of digital imaging, but lost ground to rivals as the company failed to adapt its business lines.

During the 20-month bankruptcy reorganization, Kodak divested many of its most iconic businesses, including its retail film products, its photography paper products and some 105,000 kiosks worldwide.

It has also completed the spinoff of assets to the UK Kodak Pension Plan, closed an agreement for $695 million in financing and obtained $406 million in new equity investments from unsecured creditors.