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Kodak Files for Chapter 11


January 19, 2012
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Eastman Kodak Company, which traces its roots to 1880, today filed for Chapter 11 bankruptcy protection in the United States and indicated that it plans to restructure around digital-capture patents and printing technologies.


Kodak has obtained in debtor-in-possession financing, which amounts to an 18-month credit line from Citigroup to maintain operations through the bankruptcy process. “This is a necessary step and the right thing to do for the future of Kodak,” stated Antonio Perez, Kodak’s Chairman and CEO, who took over leadership of the Rochester-based company in 2003.

An article by the Reuters news agency about the bankruptcy filing points out, that in its Manhattan court papers, Kodak had around US$5.1 billion of assets and US$6.75 billion of liabilities at the end of September. The article also notes that Kodak, while still employing 17,000 people, had 63,900 employees just nine years ago.

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“Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents… and our breakthrough printing and deposition technologies,” stated Perez.



Kodak expects to complete its U.S.-based restructuring by the end of 2013.


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