Kodak files for Chapter 11 bankruptcy protection

Kodak logoStruggling photography company Eastman Kodak announced this evening that it has filed for Chapter 11 bankruptcy protection.

The company, which hopes to emerge from bankruptcy in 2013, said it has secured $950 million in debtor-in-possession financing from Citigroup that will allow it to keep operating during restructuring. The company has also appointed Dominic DiNapoli, a vice chairman at FTI Consulting, as its chief restructuring officer. The firm has been advising Kodak on its finances since last year.

DiNapoli will have broad powers over the company's finances and operations as it looks for ways to raise funding to keep the company afloat during bankruptcy.

"Kodak is taking a significant step toward enabling our enterprise to complete its transformation," Antonio M. Perez, who will continue to serve as Kodak's CEO, said in a statement. "At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets."

Those IP assets include a war chest of 1,100 digital-imaging patents--crucial to cameras, phones, and other devices--that it is looking to sell. The patents could be useful for companies looking to buy some legal protection.

In a bid to demonstrate some of that patent power, and collect licensing fees, Kodak recently filed lawsuits against smartphone makers HTC and Apple over camera technology. The lawsuits assert that Apple infringed on four Kodak patents and that HTC infringed on five.

Source: CNET

Tags: Kodak

Comments
Add comment

Your name:
Sign in with:
or
Your comment:


Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party


Last news

 
Sales of new models way below those of 2017 generation
 
The new Windows 10 browser will run on the Chromium engine
 
Google will shut the service down in April of 2019 instead of August as initially planned
 
The regular S10 will sport a 6.1-inch panel with the same front-facing camera design
 
The smartphone has a 6.4-inch Full HD+ (2340 x 1080 pixel) Infinity-O display
 
Google Play Services will deprecate the aging OS in newer releases
 
Apple might be looking to trial the feature on the iPad before iPhone
 
Toshiba, which released the world’s first 14TB nearline 3.5-inch and 26.1mm-height HDDs with 9-disk
The Samsung Galaxy A5 (2017) Review
The evolution of the successful smartphone, now with a waterproof body and USB Type-C
February 7, 2017 /
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
 
 

News Archive

 
 
SuMoTuWeThFrSa
      1
2345678
9101112131415
16171819202122
23242526272829
3031     




Poll

Do you use microSD card with your phone?
or leave your own version in comments (11)