Under the terms of the deal Kodak will hand over control of its Personalized Imaging business, which includes retail printing kiosks and most of its consumer products, and its Document Imaging business arm to the UK Kodak Pension Plan (KPP).
The announcement comes just two weeks after Kodak filed a motion to sell its Document Imaging business to office equipment maker Brother Industries however the company confirmed that it was now withdrawing that filing.
KPP, which with claims of $2.8bn is Kodak's largest creditor, will acquire the company for a total of $650m in cash and other assets, a deal that the US firm said had "set the stage" for it to emerge from bankcruptcy proceedings. The agreement is subject to the approval of the US Bankruptcy Court.
Kodak entered into bankruptcy proceedings in January 2012 and following a major restructure is expected to exit Chapter 11 this year. It has so far delayed the deadline for filing its reorganisation plans three times, however a draft plan is expected to be filed today.
As part of the restructure the company originally announced its intention to sell the two businesses in August last year.
Kodak president Antonio Perez said: "The KPP transaction moves us past several key hurdles in our reorganization, resolving all potential claims worldwide, assuring continued operations outside of the United States, placing our Personalized Imaging and Document Imaging businesses with a new owner that recognises their value and is focused on their growth and success, and providing the remaining liquidity we require to emerge from Chapter 11.
"We are very pleased with the transaction, the value it creates for our stakeholders, and the dedication and creativity of KPP that made it possible to achieve this extraordinary result."
KPP Steven Ross said that the two organisations had been working collaboratively since the beginning of the case, and that the acquisition provided security for its members.
He added: "The businesses that we are acquiring will deliver long-term cash flows to support the plan’s obligations. The financial stability that KPP will provide for the Personalized Imaging and Document Imaging businesses will be beneficial to those businesses’ employees, customers and partners."