The Kodak Pension Plan has completed the acquisition from Eastman Kodak Company of the Personalised Imaging and Document Imaging businesses and created a new company known as Kodak Alaris.

Eastman Kodak Company, the guarantor of Kodak’s obligations to KPP, filed for Chapter 11 bankruptcy protection in the U.S in January 2012. This resulted in the trustees of the KPP filing unsecured claims for $2.837bn against EKC last year.

After extensive negotiations, EKC and KPP agreed a settlement approved by the US bankruptcy court earlier this year including the acquisition by the KPP of the PI and DI businesses. The ongoing income generated by these businesses will be used to fund member benefits.

“Our excitement around the acquisition of these businesses comes not just from their market strength but from what we see as long-term, highly successful growth opportunities,” KPP independent chairman Steven Ross said. “Today starts the new chapter of a storied brand and we’re thrilled with the potential the new company holds for our plan members, our customers, and our employees.”

The Pensions Regulator provided clearance in April for the acquisition of the two companies and establishment of a new pension plan.

The regulator’s interim chief executive Stephen Soper said: “This solution avoids the Kodak group’s insolvency and pension scheme members will benefit from the cash flows and growth potential of the two businesses.

“There are still matters to be resolved with the pension trustees and PPF including monitoring and governance arrangements to provide appropriate safeguards going forwards. We plan to publish a report outlining how we approached the Kodak case in due course, once the remaining milestones have been completed.”

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