Eastman Kodak Co.

The Eastman Kodak Co. Board of Directors elected Jeffrey J. Clarke as CEO and board member. “Jeff is the right person to lead Kodak forward,” said James V. Continenza, Kodak's chairman of the board. "His combination of strengths and experience in technology, transformation, finance, operations and international business is precisely what we set out to find in the next leader of Kodak."

The Eastman Kodak Company, the corporation made famous as a film giant, announced that it has emerged from Chapter 11 and restructured its business model 20 months after filing for bankruptcy protection.

The Eastman Kodak Company revealed its plans to emerge from bankruptcy and refocus its business operations. The company expects to emerge from chapter 11 protection by September and will readjust its business model to concentrate on the commercial print industry.

Kodak has reached an agreement with the Steering Committee of the Second Lien Noteholders to amend the terms for the previously announced interim and exit financing package. The amendments provide Kodak with additional flexibility to successfully execute its reorganization objectives and emerge from Chapter 11 in mid-2013.

Eastman Kodak Company, based in Rochester, N.Y., has completed a transaction for the sale and licensing of its digital imaging patents for net proceeds of $527 million.

A group including Apple Inc., Google Inc. and Research In Motion Ltd. agreed to buy patents from bankrupt Eastman Kodak Co. for about $525 million, gaining digital-imaging technology to capture and share pictures.

The group is led by Intellectual Ventures Management LLC and RPX Corp., Kodak said in a statement today. Google, Apple and RIM are among the 12 patent licensees participating in the deal, according to a court filing. Under the terms, Intellectual Ventures will split the payment with the licensees.

Facebook Inc., Amazon.com Inc. and Microsoft Corp. also are part of the group, the court filing shows ...

Eastman Kodak Company announced that it has received and accepted an offer from the Steering Committee of the Second Lien Noteholders Committee for interim and exit financing totaling $830 million in loans. The commitment is superior to—and therefore replaces—the $793 million commitment announced by the company on November 12.

Eastman Kodak Company announced Friday that it will cease making desktop inkjet printers as early as next February, adding 200 more jobs to the 3,700 that are expected to be cut by the end of the year.

Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.

The company has cut approximately 2,700 employees worldwide since the beginning of the year, and plans to eliminate roughly 1,000 more by 2012's end. Annual savings from these cuts should reach about $330 million.

"We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses," Chairman and CEO Antonio Perez said in a statement.

In addition, president Philip Faraci and CFO Antoinette McCorvey are leaving their posts.

Eastman Kodak Company has announced changes to the company's core business model as it attempts to emerge from bankruptcy. The company has begun the process of selling off its consumer-focused Personalized Imaging and Document Imaging businesses.