What a sad day! Eastman Kodak Co., the photography pioneering corporation that helped capture the 20th century has filed for bankruptcy.
At one point Kodak had 90 per cent of the North American market share for photographic products but it appears it has been unable to keep up with the 21st-century transition from film to digital technology. We hear that Kodak has listed a debt of $6.8 billion and assets of $5.1 billion so has filed for 'Chaper 11' bankruptcy.
The company said the move is a bid to bolster liquidity, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and allow the company to focus on its most valuable business lines.
Kodak also announced it had obtained a $950 million, 18-month credit facility from Citigroup to enhance liquidity and working capital.
Interestingly the 'Chapter 11' process it has filed for allows Kodak to continue normal business operations and in a new website dedicated to the chapter 11 filing, Kodak said it does not expect the filing to have any impact on commercial relationships with Kodak operations based outside of the U.S. so will the brand continue?
We hope so!
very sad day
I too hope they continue
Very sad but not surprising following a recent Amateur Photographer article about the CEO spending $250,000 on business trips to Las Vegas. (AP – w/e 17/12/11). But let's hope they come through