Posted on 01/04/2012 3:38:53 PM PST by jimbo123
Eastman Kodak Co. is preparing for a Chapter 11 bankruptcy-protection filing in the coming weeks should efforts to sell a trove of digital patents fall through, people familiar with the matter said.
The struggling photography icon, which employs about 19,000 people, is in discussions with potential lenders for around $1 billion in so-called debtor-in possession financing that would keep it afloat during bankruptcy proceedings, the people said. A filing could occur as soon as this month or early February, one of the people said.
A Kodak spokesman said the company "does not comment on market rumor or speculation."
(Excerpt) Read more at online.wsj.com ...
Flashback: Perez nominated for Obama’s Council on Jobs
By NATE DOUGHERTY
Rochester Business Journal
February 23, 2011
Eastman Kodak Co. Chairman and CEO Antonio Perez was nominated for President Barack Obama’s Council on Jobs and Competitiveness Wednesday, the White House said.
He joins 21 others appointed to the board including Richard Trumka, president of the AFL-CIO, and Sheryl Sandberg, Facebook chief operating officer. The Council on Jobs and Competitiveness is chaired by Jeffrey Immelt, CEO and chairman of General Electric Co.
http://www.rbj.net/article.asp?aID=186720
figures
Kodak drove my father in law into bankrupcy in the late 1950s so all I can say is, “What goes around, comes around!”
Shedding no tears for them.
When you (Obama) are destroying a country, who better to have on a job council than someone that has ruined a company.
of cuss
Under Zer0, first Eastman Kodak and next, our country. His idea of a country is where you squat, hold out your metal plate and get your daily cup of slop (if the flies don’t get you).
As a photographer, who cut his teeth on film in the 1980’s,it is sad to see them struggling.
A small business owner, I understand the need to stay flexible in the ever changing market place. That much debt makes them very inflexible.
As a Conservative, I hope tying their horse to the BHO wagon drags them to the depths of hell.
Mama don’t take my kodachrome away
“Kodak going Negative!”
Can’t these guys write headlines?
Do I have to do everything for them?
Fortunes change and technologies change. Film, once king, has given place to the pixel, and devices that print pictures like unto the old commercially developed photographs sell for a couple hundred bucks a pop. Software that does miracles with images does likewise. And the technology is getting mature enough to even begin to pass into the public domain (it’s showing up in Linux freeware).
Kodak might always be a small specialty company, but not with this kind of weight hanging over it.
LOL, that would have been the story a few years ago when their fortunes began to sink
Hey now, Antonio M. Pérez has only been at Kodak since 2003, Kodak was already a failed corporation before Pérez showed up on the scene.
The prior CEO, Daniel Carp, and his clique of Kodak lifers are the myopic fools who destroyed Kodak... let’s not forget that.
Kodak will file chapter 11 and become a patent troll outfit. They will be successful at it until they get bought out by an industry working group to hold the patents.
Kodak’s cutting edge work in digital photography was halted by Carp and his crew, the company never recovered.
Flashback: Kodak Celebrates Inauguration and Shares First-Seen Images of President-Elect Barack Obama with Families Around the World
Kodak has captured some of the most iconic moments of our lifetime. In celebration of the historic Inauguration of president-elect Barack Obama, Kodak has partnered with prominent political and civil rights photographers Bob McNeely and Ben Fernandez to discuss the emotional power of photography and to encourage the world to capture the historic moment of Barack Obama’s election with a family portrait.
http://www.prweb.com/releases/photography/inauguration/prweb1878384.htm
Maybe they should move what’s worth keeping from NY to Texas
RIT in Rochester was the gold standard for a technical degree in the graphic arts, with credit due to Eastman Kodak’s presence there.
Such a storied brand name, Kodak. The blundering fools. I’d be willing to bet they’ll be blowing money hand over fist even during bankruptcy reorganization, for “diversity,” for all manner of progressive boilerplate that generates not one red cent of profit.
Sell the brand to somebody who knows what to do with it, before it’s too late.
Secretly and accurately named, "The Armageddon Group".
LOL!!! We have GE’s thief and now this loser on Obummer’s Jobs Council!
They made a complete mess of Scitex, Leaf and Sinar-Bron, you’re right.
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