A report by the Wall Street Journal states that graphic giant Kodak is in the process of preparing to file Chapter 11 proceedings. While the report does not cite specific sources, the report does state it expects the company to file “in the coming weeks.”
The Rochester, New York-based company has generated much speculation in recent months, with the departure of three board members. The company is due to announce its financial results for 2011 at the end of the month. In recent months, the company attempted to generate funds through the sales of its patent portfolio.
Although it was the dominant player in the film industry during the 20th century, its failure to capitalize emerging technologies, despite being a pioneer in the digital imaging field, led to its decline over the past decade.
In the past month, Kodak’s share prices shed more than half its value, causing the New York Stock Exchange to threaten to delist the company. Kodak has been given six months to adhere to the NYSE’s listing standard, which is to rise above US$1 at the closing of a trading day.
Read the Wall Street Journal story here.
Print this page
