According to Law Firm Newswire, a judge has approved Kodak’s plan to repay its creditors putting the company one step closer to emerging from Chapter 11 bankruptcy.

Law Firm said, in addition to the repayment plan, the bankruptcy court judge also approved documents that Kodak will send to its many unsecured shareholders to persuade them to sign onto the company’s plan to continue as a much smaller, but profitable, enterprise.

Law Firm notes that according to the new business plan, Kodak will give up its legacy photographic business and will now focus on commercial printing services and equipment.

To read the entire news release, click here.

Previously on abfjournal: BofA Merrill, Others Arrange Kodak ABL Facility, August 7, 2013