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.
1/6/2012 8:12:31 PM
I guess you couldn't be bothered to read my first posting. "I have had so many friends and relatives complain about digital cameras, only to find out it was an EasyShare. They break easily, they start draining batteries rapidly as they age, they take forever to turn on, etc." Yep, I never owned one of their digital cameras, but I have had the misfortune of dealing with them.
Obviously Kodak didn't completely stopped innovating. But I do understand how their decisions have led them to where they are today.
"Kodak was a HUGE innovator." Thank you validating my point, Jason. They 'were' innovators, who sadly are going the way of Polaroid.
Thank you for the link, Torpor.
"I mean, if you wanna break down someone's door, why don't you start with AT&T, for God sakes? They make your amazing phone unusable as a phone!" -- Jon Stewart on Apple and the iPhone
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
Samsung Adds 2 TB 850 EVO, PRO SSDs for $800, $1000
July 7, 2015, 4:23 PM
Seagate Senior Researcher: Heat Can Kill Data on Stored SSDs
May 13, 2015, 2:49 PM
How to Recover Most Apps After Your NVIDIA Driver Crashes in Windows 10
March 30, 2015, 12:54 PM
Tinkerer Gets Old School Mac Plus Running on the Modern Web
March 24, 2015, 6:41 PM
Facebook-Backed Oculus Rift's Release Date Slips to 2016; Valve and HTC Salivate
March 16, 2015, 5:58 PM
Hackers Steal Roughly $1 Billion From Banks Using Malware RAT
February 17, 2015, 9:30 AM
Most Popular Articles
Why the U.S. Won't be Able to Ban Google's New Huawei Marshmallow Flagship Phone
October 3, 2015, 5:27 PM
Apple's First Fixes to iOS 9 Land w/ iOS 9.0.1 Release
September 23, 2015, 6:11 PM
Apple Watch Commands 2 in 3 Smart Watch Sales, WatchOS 2 Sweetens the Pitch
September 20, 2015, 6:07 PM
Tag Heuer Admits Its $1,800 Smartwatch Was Inspired By Apple -- Price-Wise
September 30, 2015, 6:32 PM
Breaking Bad: How to Crash Google's Chrome Browser With Just 8 Characters
September 23, 2015, 11:08 AM
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 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information