Eastman Kodak Co, the photography pioneer which invented the digital camera, emerged from Chapter 11 bankruptcy protection on Tuesday, with plans to continue as a smaller digital imaging company.

The new Kodak will focus on commercial products such as high-speed digital printing technology and printing on flexible packaging for consumer goods.

Workers walk past the Kodak corporate headquarters in Rochester, New York in this January 22, 2004 file photograph. [Photo / Agencies]

"You can't imagine how much I have been waiting for this moment ... This is a totally new company," said Chief Executive Antonio Perez.

Kodak, founded in 1880 by George Eastman, was for years synonymous with household cameras and family snapshots. It filed a $6.75 billion bankruptcy in January 2012, weighed down by high pension costs and a years-long delay in embracing digital camera technology.

The new company expects to have $2.5 billion in revenue this year, Perez said.

Kodak once employed more than 60,000 people and was one of the largest employers in Rochester, New York, where it is based. Perez told reporters his most difficult task at the helm of the bankrupt company was dealing with hefty pension costs.

"I would not recommend anyone to file for Chapter 11, but if you have to deal with legacy costs, in my opinion, that's the only way you can do it," Perez said.