The company has filed notice of the effectiveness of its Plan of Reorganisation with the US Bankruptcy Court for the Southern District of New York.

Following completion of the final steps in the restructuring process, chairman and CEO Antonio M. Perez has announced that Kodak has emerged from Chapter 11 as a reorganised company.

Perez commented: “We have been revitalised by our transformation and restructured to become a formidable competitor – leaner, with a strong capital structure, a healthy balance sheet, and the industry’s best technology.”

As well as completing the final steps in its Chapter 11 restructuring, Kodak has also successfully closed on its agreement for $695m in term exit financing, paid off its DIP lenders and second lien noteholders in full and completed its rights offerings.

“We are setting a trajectory for profitable growth,” noted Perez. “We thank our employees for their extraordinary skills and commitment. We thank our suppliers for their dedication. We thank our customers and partners for their loyalty and for inspiring us to create disruptive technologies and breakthrough solutions.”

Andrew Evenski, president, entertainment & commercial films, Kodak, added: “The motion picture film business will continue to be part of the company’s future. We are manufacturing film, we’ve inked contracts with six studios, labs around the world are dedicated to quality service, and, most importantly, filmmakers are choosing film. Kodak’s Entertainment Imaging represents a stable and profitable division of the company.

“Moving forward, I am confident in our ongoing ability to provide value to the motion picture and television industries, which has been our honour to serve for so many years. We are grateful to our customers and partners for standing by Kodak throughout this process.”

The company has filed notice of the effectiveness of its Plan of Reorganisation with the US Bankruptcy Court for the Southern District of New York.

Kodak issued shares of a new class of common stock to participants in the rights offerings and will issue additional shares of this new class of common stock to unsecured creditors as provided in the Plan of Reorganisation. It expects to make initial distributions on account of general unsecured claims by the end of September.

Kodak will file a report on Form 8-K with the Securities and Exchange Commission including more details.