Kodak Asks for Extension on Restructuring
Kodak is asking for an extension to complete its restructuring process to emerge from bankruptcy.
The company plans to file a motion in bankruptcy court Friday saying it has shown substantial progress in restructuring.
Kodak filed for chapter 11 bankruptcy in January hoping to complete its restructuring by the end of the year.
It is now asking for an extension until February 28th.
Kodak CEO Antonio Perez says the company has taken actions to reorganize the core ongoing businesses, reduce costs, sell assets and streamline the organizational structure.
Kodak says that it has already laid off more than 2,700 people so far this year and plans to cut another 1,200 positions. That is up 200 from the one thousand layoffs previously announced.
It is unknown how many people in Rochester will be impacted.
A hearing to discuss the motion is scheduled for October 17th.