Kodak To Settle $2.8B Claim With Imaging Biz Spinoff

Law360, New York (April 30, 2013, 12:09 AM EDT) -- Bankrupt Eastman Kodak Co. announced Monday that it intends to spin off its document imaging business to its largest creditor, the U.K. Kodak Pension Plan, for $650 million in a comprehensive deal that would settle $2.8 billion in claims by the pension plan and move the photography pioneer closer to a Chapter 11 exit.

The proposed deal is for a higher sum than the $210 million stalking horse bid for much of the imaging business from Brother Industries Ltd., that those two companies announced earlier this...
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