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Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks. Click here to read more international insights.

Eastman Kodak and its biggest unsecured creditor – a U.K.-based pension fund – are making the best of a very bad moment. Unusually, and unnervingly, the pension fund is buying two of the bust photo company’s operating assets. In the process, Kodak is losing two viable businesses. The pension scheme, meanwhile, is taking control of assets that, if it had a genuine choice, it would not want.

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