This week the company gained court approval for a number of steps that will be crucial to its successful emergence from Chapter 11.

This included approval of the Disclosure Statement that will allow creditors to vote on its revised Plan of Reorganisation, and the court has also approved the Backstop Commitment Agreement and rights offering announced earlier this month.

Voting on the measures can now commence. The committee representing Kodak’s unsecured creditors has recommended that these creditors should vote in favour of the plans.

In court, Kodak’s lawyer gave a tentative date for the confirmation hearing of 20 August, with emergence possible by as soon as 3 September.

Kodak’s secured creditors will be repaid when Kodak emerges from Chapter 11.

Kodak has also agreed exit financing facilities of up to $895m (£584m) with JP Morgan Chase, Barclays Bank, and Bank of America Merrill Lynch.

Chief executive Antonio Perez described the rights offering and new financing as "extremely important", signalling "market and creditor confidence in post-emergence Kodak."

"We look forward to a renewed Kodak competing successfully again with market-leading technology and products in the commercial, packaging and functional printing markets it serves," Perez said.

The restructured business will have sales of $2.6bn next year, according to Kodak’s projections.