Rochester N.Y.-Kodak has reached comprehensive deal with its largest creditor.

Under the agreement, Kodak's Personalized Imaging and Document Imaging businesses will be spun off under new ownership to U.K. Kodak Pension Plan.

George Conboy of Brighton Securities tells WHAM 1180 news that Kodak had owed close to 3 billion dollars to KPP.

He also says the deal could clear the way for Kodak to emerge from bankruptcy sooner rather than later.

The  agreement will be filed with the U.S. Bankruptcy Court tomorrow.