Kodak announced today that it has reached an agreement to sell off its two remaining imaging divisions â€” which includes its photographic film business â€” in a major deal worth $2.8 billion.
The company is handing over control of its Personal Imaging and Document Imaging divisions to the United Kingdomâ€™s Kodak Pension Plan (KPP), which is the bankrupt firmâ€™s largest creditor.
In addition to settling $2.8 billion in obligations with KPP, Kodak will be receiving $650 million in cash and other assets in exchange for the divisions.
The Personal Imaging division includes over 100,000 Kodak kiosks located around the world, photographic paper, photographic film, and souvenir photo products. The Document Imaging division includes things like scanners and related software/services.