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HUH. Magazine - Kodak Is Officially Bankrupt
  • Kodak Is Officially Bankrupt
  • Posted 4 weeks ago by Jack Lowe · Art & Design · news · 5911 Views

  • That's it! It's final. The Eastman Kodak Company has filed for bankruptcy. The company filed for Chapter 11 business reorganization in the US Bankruptcy Court in New York. According to Business Insider, this allows the company to "bolster liquidity in the US and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines."

    All of Kodak's subsidiaries outside of the US are not part of the filings and will be operating as usual. In the filings it is stated that on 20 September, 2011, Kodak had $5.1 billion in assets and $6.75 billion in debt. $12 million of that is owed to Nokia for intellectual properties and royalties.

    While the company goes through the reorganisation they will try and keep things as normal as possible, paying staff wages and continuing customer programs.

    For more information you can head to a website which has been specially set up by Kodak - www.kodaktransforms.com

    • if you file for bankruptcy, your company is fucked. end of.
    • @Freya
    • 26 January 12
    • er no! Kodak have applied for Chapter 11 Bankruptcy protection, which means they aren't bankrupt and the company isn't being liquidated. Basically the company is being reorganised and all its debts will be wiped out. It's slightly more complex than that, but thats the upshot. The headline is nonsense basically. Suprised at the number of major newspaper writers who can't even get this right (there was a big nonsense article in he guardian too) The world these days is full of made up stuff.
    • Freya
    • 26 January 12
    • First Polaroid, NOW Kodak?! I GIVE UP.
    • Lauren
    • 20 January 12
    • Now the logo will always make me sad.
    • Marc
    • 19 January 12
    • please stay alive, Portra ;_;
    • michael
    • 19 January 12
    • "Does the Chapter 11 filing affect the selection of products that Kodak offers? No. Offerings to customers will continue as usual. Kodak will continue to do what we have always done—bring products and services to market that help our customers do more, do it better, and do it faster. That will not change." Sound ok, for now.
    • Nilas
    • 19 January 12
    • Post a Comment
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