Kodak sells two imaging businesses to its UK pension fund for $650m

The agreement, subject to approval by the US Bankruptcy Court, also settles the fund’s claims of about $2.8bn against Kodak.

The settlement assures Kodak’s continued operations outside the United States, chief executive Antonio Perez said.

Kodak has been trying to sell most of its consumer and document imaging businesses and shift its focus to commercial imaging.

The two businesses being sold are personalised imaging, which includes most consumer products and retail printing kiosks, and its document imaging unit that makes scanners for enterprise customers.

Kodak’s commercial imaging business includes its graphic communication, film and specialty chemical products.

The company, which launched its first camera in 1888, was unable to successfully shift to digital imaging and filed for bankruptcy protection last year.

Endless, the Yorkshire-based private equity investor bought Kodak’s London visual effects house, Cinesite, for an undisclosed sum last May.