Kodak hands film business to U.K. retirees

May 05, 2013, 4:40 AM EDT

Eastman Kodak is handing over its camera-flim businesses to the pension fund of its 15,000 U.K. retirees, clearing the way for the company to emerge from bankruptcy proceedings. Under the deal, the U.K. Kodak Pension Plan, the company's largest creditor, will pay $650 million in cash and value to acquire the personalized imaging and document imaging businesses, and will drop a claim for $2.8 billion in pension obligations. The rump of Kodak will be left as a provider of printing equipment and services to companies.