All right, this is something of a surprise: When Kodak announced it was selling off its Personalized Imaging and Document Imaging businesses, no one predicted that the buyer would be the company’s own pension plan.

But it’s not the retirees in Rochester who are the new owners of their former business — it’s those in the United Kingdom, strangely enough… and they didn’t buy it.

Instead the transfer is a settlement: the U.K. Kodak Pension Plan was the largest creditor in Kodak’s Chapter 11 Plan of Reorganization.

The new agreement will be filed with the U.S. Bankruptcy Court, and will spin off the imaging business to KPP, “for cash and non-cash consideration of $650 million,” Kodak says. The agreement also settles approximately $2.8 billion of claims by KPP.

“This acquisition provides security for and delivers the greatest value to, the KPP members,” KPP said. “Overall, this settlement gives the KPP members greatly improved future prospects whilst being good for Kodak’s employees, its creditors and for UK businesses. 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.”

The Personalized Imaging business provides retail photo kiosks and dry lab systems, traditional photographic paper, still-camera film products, and the event imaging solutions for theme parks and other venues.

Kodak will focus on its Commercial Imaging business.

Brother, can you spare a… stalking horse bid? Is that how that saying goes?

Kodak reports it’s agreed to sell printer maker Brother Industries assets of its document imaging business for approximately $210 million.

Brother will also get stuck with a “deferred service revenue liability” totaling $67 million.

Kodak says its Document Imaging business “provides a comprehensive portfolio of scanners, capture software and services to enterprise customers.” Consummation of the transaction with Brother is subject to court approval and a marketing period in which Kodak may seek to obtain a higher or better offer for the business, alone or in combination with other businesses, including through a court-approved auction. Under the terms of the agreement, Kodak will seek U.S. Bankruptcy Court approval of the bidding procedures at a hearing in late April and is targeting final court approval of a transaction in June.

The next time you buy a Kodak camera, it might be in name only: the Rochester company, now in bankruptcy/reorganization, has licensed its logo to an unknown manufacturer that will brand a slate of new models later this year.

While Kodak says “the JK Imaging team has global experience and expertise in the industry,” the new company is not exactly a household name in the photography business — which of course is why it might benefit from using the iconic yellow and red logo. “Kodak remains a strong and trustworthy brand in the consumer space and this agreement reinforces how valuable our brand is,” the company says.

JK Imaging agrees “there is great significance and value in the Kodak name.”

Kodak announced its plan to exit the digital camera business last year — and started off this one with a multi-year agreement that lets JK Imaging license the Kodak brand name for certain consumer products, including digital cameras, pocket video cameras, and portable projectors.

JK Imaging, Ltd. reports its is a privately held company headquartered in Los Angeles, Calif. It is run by the chairman of JA Capital Holdings, which says it is “a global supplier specializing in consumer imaging and electronics products.”

JK Imaging plans to launch its first products in the second quarter of 2013.

At a news conference in China, JK reportedly announced plans to market a mirrorless interchangeable lens camera with the Kodak brand.

Photo Counter Australia investigates more on the deal here.

Kodak says it’s secured $793 million — financing “predicated on certain conditions and Kodak’s achievement of certain milestones, including the successful completion of the sale of Kodak’s digital imaging patent portfolio for no less than $500 million, which the company is confident it will achieve.”

The financing comes from Centerbridge Partners, L.P., GSO Capital Partners LP, UBS and JPMorgan Chase & Co., and will “provide the company with additional case financing and establishes the ability to convert a substantial part of the facility into exit financing, enhancing its liquidity and securing a major component of the company’s exit capital structure,” the bankrupt photography pioneer says.

More information is here.