The pension plan also agreed to give up a $2.8bn claim against Kodak, the largest unsecured claim against the company.
The agreement is subject to approval by the US Bankruptcy Court in Manhattan.
The deal allows Kodak to meet a demand for securing financing for exiting its bankruptcy. Lenders required the company to sell its consumer and document imaging businesses for a minimum of $600m.
The two businesses being sold are personalised imaging, which includes most consumer products and retail printing kiosks, and its document imaging unit that makes scanners for enterprise customers.
Kodak said it will present a plan today for its post-bankruptcy business that will focus on commercial imaging, which includes its graphic communication, film and specialty chemical products. The plan will also outline how much creditors can expect to be repaid.
The settlement assures Kodak’s continued operations outside the United States, chief executive Antonio Perez said in a statement.
The deal also assures the businesses will continue to fund pension benefits for British retirees and the pension trustee indicated in a statement it intends to own the businesses for an extended period.