If one bankruptcy in recent history was about as well telegraphed as you could ever imagine, it was the bankruptcy of Eastman Kodak Company (NYSE: KODK). This down and out company has made its return as a public company again and with a New York Stock Exchange listing all over again to boot.

The new Kodak has emerged from its bankruptcy. Its target markets are packaging, printing, and a focus on graphics and entertainment. Its website says about its new markets,

“Kodak has transformed into a B2B company focused on imaging for business. Kodak is centered on disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries. The company also offers leading products and services in Entertainment Imaging and Commercial Films. Its Personalized Imaging and Document Imaging businesses have been spun off to KPP.”

One thing we would point out is that Antonio Perez remains in charge of Kodak for the time being as its Chief Executive Officer, even if his departure is expected to come after the transition. Whatever a fair value is for “the new Kodak” it would come with a serious discount by our take as long as Perez is in charge here.

Kodak had just over $1 billion in cash as of the end of this June, but we have not seen a more recent balance sheet that reflects all of the post-bankruptcy numbers. Its balance sheet at that time was also still inverted with $6.968 billion in total liabilities versus $3.815 billion in total assets.

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