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
1/6/2012 5:48:45 PM
what will happen to that great old saying, "It's a Kodak moment?" Saying, "It's a Minolta moment," doesn't have the same zazz :(
“So far we have not seen a single Android device that does not infringe on our patents." -- Microsoft General Counsel Brad Smith
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
SanDisk Unveils Pricey iXpand USB 2.0/Lightning Drive to Expand iPhone, iPad Storage
November 13, 2014, 2:29 PM
HP's 15.6" Omen Gaming Laptop is Incredibly Thin, Powerful
November 4, 2014, 10:34 AM
Tim Cook Touts Apple’s Product Portfolio, Performance in Letter to Employees
October 21, 2014, 8:05 AM
Lenovo Once Again The Top Global PC Maker, Apple Takes 50% of PC Profits
October 9, 2014, 7:46 AM
It’s Official: HP to Split Into Two Business Units
October 6, 2014, 8:14 AM
Quick Note: HP Plans to Split PC, Enterprise Units
October 5, 2014, 4:31 PM
Most Popular Articles
Air Force Worries Hot Fuel Could Harm F-35, "Proactively" Paints Trucks Shiny
December 11, 2014, 9:06 AM
LaWS (Laser) "Kills" Boat-Hauled Fuel Tanks, UAV "Bomber" in the Persian Gulf
December 12, 2014, 8:31 PM
BlackBerry Classic Sells Out Online (Seriously, It Has) for North America
December 15, 2014, 7:07 PM
Lamborghini Offers Up $6,000 Leather-Bound Android Smartphone
December 12, 2014, 3:12 PM
Ford Announces QNX-Powered SYNC 3, Brags It's "More Smartphone-Like"
December 11, 2014, 10:32 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information