Kodak returns after 18 months of bankruptcy

FORMER photography giant Kodak is back in business, emerging from 18 months of bankruptcy with a leaner business plan.

The new Kodak will focus on commercial products such as high-speed digital printing technology and printing on flexible packaging for consumer goods.

“You can’t imagine how much I have been waiting for this moment,” chief executive Antonio Perez told reporters. He added: “This is a totally new company.”

Kodak, founded in 1880 by George Eastman, was for years synonymous with household cameras and family snapshots. It filed a $6.75bn (£4.34bn) bankruptcy in January 2012, weighed down by high pension costs and a years-long delay in embracing digital technology.

The new company expects to have $2.5bn in revenue this year, according to Perez. Kodak once employed more than 60,000 people and was one of the largest employers in Rochester, New York, where it was based. Perez told reporters his most difficult task at the helm of the bankrupt company was dealing with hefty pension costs.