Eastman Kodak to be back in business as court approves bankruptcy plans

Pioneering Company in photography, Eastman Kodak, has been reportedly granted court approval to come out of bankruptcy as a smaller digital imaging company.

Eastman Kodak was founded in New York more than 100 years ago and pioneered the use of film in cameras, but ever since digital photography emerged, the company ran out of business and had planned to come out of bankruptcy in July.

According to the BBC, US bankruptcy Judge Allan Gropper has agreed to the company's plans which suggests that it should be back in trading in about two weeks and the company now intends to specialize in printing.

Kodak's legal representative, Andrew Dietderich, said that Kodak is a different company that the one in the popular imagination and very different from the one that filed for bankruptcy.

The report said that a majority of shareholders approved the bankruptcy plan but some former employees and others objected to it because creditors are expected to get back some 5 percent of the money they are owed and shareholders will come last in the queue.