Report: Kodak Prepares to File Chapter 11
January 5, 2012 10:33 AM
comment(s) - last by
Firm could sell patents under Chapter 11
Kodak has been on a downward spiral with profits falling greatly in the face of the digital photo revolution that has all but killed the film camera. Kodak is in such a bad place that it had
of its board of directors jump ship in one week.
is reporting that Kodak is now rumored to be preparing to file Chapter 11 bankruptcy in a bid to save the company.
The photography firm is said to be in talks with lenders to bring in debtor-in possession financing to the tune of $1 billion. The Chapter 11 filing could come as quickly as February. Kodak had previously said that it could raise a lot of cash by selling off some of its patent trove.
The patents Kodak holds have been estimated to be worth as much as
the market cap of the company. That gives the company the option of selling some patents to stay afloat if the financing it is seeking doesn't come through. Kodak has warned previously that it will need to raise at least $500 million in funding to stay afloat in 2012.
If the report is accurate and Kodak files Chapter 11, it could then sell off the patents it holds as part of the court supervised auction. Kodak also warned this week that its stock might be removed from the New York Stock Exchange if the share price doesn't grow in the next six months.
The full financial details for Kodak's fiscal Q4 will be reported on January 26. An official announcement that it will file Chapter 11 could come during the financial disclosure.
This article is over a month old, voting and posting comments is disabled
RE: That's what happens when you don't innovate.
1/5/2012 3:25:28 PM
Most people don't know much about Kodak, or even Xerox, past entry level consumer grade products. Though, Kodak sure could have used a good marketing campaign for their more technical oriented products.
"Mac OS X is like living in a farmhouse in the country with no locks, and Windows is living in a house with bars on the windows in the bad part of town." -- Charlie Miller
Kodak Loses Another Board Member, Takes on Water as Ship Sinks
January 2, 2012, 10:25 AM
Kodak's Patents Maybe be Worth Five Times the Company's Market Cap.
August 17, 2011, 3:54 PM
4/16/2014 Hardware Reviews
April 16, 2014, 9:01 AM
Quick Note: Kingston's 1 TB USB Stick Hits $899 on Lightning Deal
April 15, 2014, 3:35 PM
4/15/2014 Hardware Reviews
April 15, 2014, 11:30 AM
4/11/2014 Hardware Reviews
April 11, 2014, 11:03 AM
Global PC Shipments Declined 1.7 Percent in Q1 2014
April 10, 2014, 9:58 AM
Intel Previews Devil's Canyon Chip, "Black Book", and Broadwell
March 21, 2014, 8:15 AM
Most Popular Articles
A Bug's Life: Female Cave Bugs Have Penises, Penetrate Males for Three Days
April 17, 2014, 7:20 PM
Quick Note: Toyota Attempts to Erase “Boring” Image with ’15 Camry SE Hybrid
April 16, 2014, 11:36 AM
Microsoft Announces the First Steps in Its "Universal Apps" Program
April 15, 2014, 7:59 PM
Project Moonshine: Google's Plan to Flatten Android App Icons Leaks
April 16, 2014, 1:46 PM
HTC Hires Former Samsung Marketing Chief Who Developed "Galaxy" Brand
April 18, 2014, 6:00 PM
Latest Blog Posts
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
Global Cyber Espionage Concerns Reveal Growing Cyber Armies
Nov 29, 2013, 11:04 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information