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Kodak filed a draft of its reorganization plan Tuesday night with U.S. bankruptcy court.
Under the proposed plan, all current Kodak stock will be worthless, revoked by this plan to help the company emerge from bankruptcy by this fall.
Roughly 40 million new shares of Kodak stock will be issued, which will be used as payment to creditors and executives.
he plan is an agreement with Kodak's largest creditor as the company moves toward emerging from Chapter 11 bankruptcy.
Under the agreement with the U.K. Kodak Pension Plan, Kodak's personalized imaging and document imaging businesses would spin-off for cash and non-cash consideration of $650 million.