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Kodak to sell two businesses to UK retirees

The photo company says the sale will help it to emerge from Chapter 11 bankruptcy

Bankrupt photo company Eastman Kodak Co. has reached an agreement to spin off two of its units to a group of U.K. retirees, thus settling $2.8 billion in claims from the pensioners.

The agreement will send the company’s personalized imaging and document imaging units—including its storied camera-film business—to the U.K. Kodak Pension Plan (KPP). In exchange, Kodak will receive $650 million from KPP, which has also agreed to drop its $2.8 billion claim against the company.

Alanna Byrne

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