0 people like it thumbs up
0 people dislike it thumbs up

Kodak Files for Bankruptcy

Posted on January 20, 2012
Category:

It is inevitable. Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection. The 130-year-old company, which pioneered the film imaging technology before becoming a seller of imaging-related consumer products, has also obtained a $950 million 18-month credit facility from Citigroup to keep it afloat.

The Chapter 11 business reorganization, which was filed in the U.S. Bankruptcy Court for the Southern District of New York, covers Kodak and all its subsidiaries based in the United States. All Kodak offices outside the U.S. were not covered by the filing.

In a statement, Chairman and CEO Antonio M. Perez said that the act is a “necessary step and the right thing to do for the future of Kodak.”

This event reflects how Kodak missed an opportunity to embrace modern technology. The company invented the digital camera, but never developed the technology further. It also could not adapt to the decreasing demand for film, which prompted the company to undergo several restructures until in 2007 when Perez steered Kodak to selling consumer and commercial printers. However, Kodak could not stop its losing profitability as it has been seeing red since 2007.

The bankruptcy protection would enable Kodak to continues its work on maximizing the value of its technology assets, including its vast digital-imaging patents. While it has provided licenses to various imaging companies, Kodak has recently sued the likes of Apple, HTC, and Samsung for copyright infringement.

Source: Interaksyon

 
 

Comments

 
[...] Micro Four Thirds Camera Teased By Administrator, on January 19th, 2013 Kodak has been on a downward spiral as of late. As part of its streamlining, the century-old company licensed its own brand to a [...]
[...] Cameras Kodak has been on a downward spiral as of late. As part of its streamlining, the century-old company licensed its own brand to a [...]
[...] » Kodak Lets Go of Inkjet Printer Business Another round of sad news for Kodak. After filing for bankruptcy, shutting down its digital camera business (a device Kodak invented but did not improve on the [...]
[...] » Kodak Lets Go of Inkjet Printer Business Another turn of unhappy news for Kodak. After filing for bankruptcy, shutting down a digital camera business (a device Kodak invented though did not urge on a record [...]
[...] Biz Another round of sad news for Kodak. After filing for bankruptcy, shutting down its digital camera business (a device Kodak invented but did not improve on the [...]
[...] but it the company’s troubling finances it plans on giving up on that. Eight months after filing for bankruptcy, Kodak has decided to sell its traditional film businesses. This is part of the streamlining [...]
[...] = 60; Talk about kicking a man while he’s down! It is almost a month since Kodakfiledfor Chapter 11 bankruptcy and barely a week after shutting down its digitalcamera business, but that does not deter Apple for [...]
[...] News Talk about kicking a man while he’s down! It is almost a month since Kodak filed for Chapter 11 bankruptcy and barely a week after shutting down its digital camera business, but that does not deter Apple [...]
[...] it afloat. The Chapter 11 business reorganization, which was filed in the U.S. Bankruptcy Co… Read More » [...]
Kodak Files for Bankruptcy on January 21, 2012 at 11:48 am
[...] Gadget Information and Critiques – gadget.com [...]
Kodak Files for Bankruptcy | DOCFILES on January 20, 2012 at 6:19 pm
[...] it afloat. The Chapter 11 business reorganization, which was filed in the U.S. Bankruptcy Co… Read More » [...]
Kodak Files for Bankruptcy | it gadget show on January 20, 2012 at 5:24 pm

Gadget on Facebook

Sponsored Links

Twitter

Trending posts from gadgetcom on Twitter, updated daily!
  • Loading, Please Wait...