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In the 1880s, when George Eastman was developing his fledgling film company, he wanted a name that was short, easy to pronounce and unique. Kodak, the brand that would become synonymous with photography, was born from Eastman playing anagram games with his mother and his insistence that the name start with the explosive sound of the letter k. Now, 121 years after the founding of the Rochester, New York–based Eastman Kodak Co., two key divisions of its business have emerged from the company’s 2012 bankruptcy into a new concern called Kodak Alaris, itself a made-up name meant to represent speed and agility and sound like nothing else previously in existence.

Following Eastman Kodak’s emergence from Chapter 11 bankruptcy protection in September, what remains of the iconic film and imaging company is a piecemeal collection of businesses and patent portfolios split between Kodak and Kodak Alaris. The latter is completely separate from the original Eastman Kodak and comprises its document imaging business (scanners, software and service) and its personalized imaging business (photo paper, film, single-use cameras and photo kiosks). The full owner of Kodak Alaris is yet another collective: a holding company controlled by the U.K.-based Kodak Pension Plan (KPP).

Kodak once reigned supreme in the world of photography and imaging. As of 1976, it controlled nearly 90 percent of the U.S. film market. That same year the company developed the world’s first digital camera. It rivaled the size of a toaster — although compared with the computers of the era, its construction was rather sporty. But despite having this patent in its arsenal, Kodak was reluctant to embrace digital photography during the late 1990s.

The last year Kodak turned a profit was 2007. Some five years later, having weathered the 2008–’09 financial crisis, on January 19, 2012, the company filed for bankruptcy. That August Kodak went public with its intention to sell its photo-printing kiosks, commercial scanner operations and photographic film business, with the exception of motion picture film, then valued at $650 million. In January 2013 the U.S. Bankruptcy Court for the Southern District of New York approved Kodak’s financing plan to emerge from Chapter 11 by the middle of 2013.

KPP was Kodak’s largest unsecured creditor, with $2.84 billion in defined benefit pension plan claims against the company. To help pay off its debts, Kodak sold off a portfolio of some 1,100 digital patents, expecting to reap £2 billion ($3.23 billion) for its intellectual property (IP), according to KPP trustee Andrew Bradshaw, who took part in the settlement discussions with Eastman Kodak. But instead the patents went for a fire sale price of $527 million to a group of high-profile companies that included Amazon.com, Apple, BlackBerry, Google, Microsoft and Samsung. This massive funding shortfall put in peril the retirement funds of the 16,000 members of the KPP, who, if negotiations had failed, would have seen their scheme go into administration by the Pension Protection Fund (PPF), the U.K. statutory fund charged with underwriting insolvent pensions.