Kodak approves court approval for bankruptcy plan

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NEW YORK — A federal judge has approved Kodak’s plan to emerge from bankruptcy protection.

Judge Allan Gropper’s ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing.

The company has said it hopes to emerge from bankruptcy protection on Sept. 3.

Founded in 1880, Eastman Kodak Co. filed for bankruptcy reorganization early last year after struggling with increasing competition, the shift from film to digital photography, and growing debt levels.

The Rochester, New York, company has since sold off many of its businesses and patents so it can concentrate on commercial and packaging printing.

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