Linklaters, Hogan Lovells and Sullivan & Cromwell have taken roles on a settlement to resolve a $2.8bn (£1.8bn) claim by the UK Kodak Pension Plan (KPP) in Eastman Kodak's bankruptcy proceedings.

The settlement has seen KPP acquire Eastman Kodak assets – including Kodak's personalised imaging and document imaging businesses – with a combined value of $650m (£417m).

Kodak filed for bankruptcy protection in January last year, resulting in the trustees of the KPP filing an unsecured claim for $2.8bn (£1.8bn) against the company, the largest claim in the proceedings. KPP has agreed to drop the claim following the asset transfer.

Sullivan is advising Eastman Kodak on the Chapter 11 bankruptcy proceedings, with restructuring and bankruptcy group head Andrew Dietderich leading on the settlement alongside corporate partners Stephen Kotran and Inosi Nyatta and restructuring special counsel Michael Torkin.

Linklaters was brought in to advise on UK pensions law in its first matter for Kodak, with pensions partner Mark Blyth and restructuring and insolvency partner Rebecca Jarvis leading a team that included pensions managing associate Philip Goss.

Hogan Lovells advised the trustees of KPP, with London pensions partner Katie Banks leading a transatlantic team that included US partners Christopher Donoho (restructuring), John Booher and Michael Silver (M&A) and Elizabeth Donley (commercial). Members of the firm's employment, tax, intellectual property, real estate, environmental and antitrust and competition teams also advised.

"This acquisition is a significant milestone in the ongoing process of achieving value for KPP from the Eastman Kodak Company bankruptcy process and a hugely positive step forward for KPP members," said Banks.