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Kodak to Emerge from Bankruptcy

The New York Times reports the Eastman Kodak Company received court approval on Tuesday for its plan to emerge from bankruptcy as a much smaller digital imaging company.

Kodak plans to emerge from bankruptcy as early as Sept. 3, its lawyer, Andrew Dietderich, said at a hearing in bankruptcy court.

Kodak’s bankruptcy capped a protracted plunge for the company, which was founded in 1880 by George Eastman, the inventor of the hand-held camera and rolled photographic film. Kodak’s market value topped $31 billion in the mid-1990s.