Kodak Is Officially Bankrupt

  • Posted 80 months Ago

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