Judge approves Kodak’s plan to emerge from bankruptcy as soon as September 3rd
Posted by: Timothy Tibbetts on 08/21/2013 08:51 AM
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Eastman Kodak Co, once a mighty photography pioneer, earned court approval on Tuesday for a plan to emerge from bankruptcy as a much smaller digital-imaging company according to Reuters.
With the court approval, the company's exit from bankruptcy is now imminent, Chief Executive Antonio Perez said in a statement.
"Next, we move on to emergence as a technology leader serving large and growing commercial imaging markets," he said, adding the company will have a leaner structure and a stronger balance sheet.
Kodak plans to emerge from bankruptcy as early as September 3, its attorney, Andrew Dietderich, said at a hearing in U.S. Bankruptcy Court in New York.
Here is some history via Wikipedia:
Eastman Kodak Company, commonly known as Kodak, is an American multinational imaging and photographic equipment, materials and services company headquartered in Rochester, New York, United States and incorporated in New Jersey.
It was founded by George Eastman in 1888. Kodak is best known for photographic film products. During most of the 20th century Kodak held a dominant position in photographic film, and in 1976 had a 89% market share of photographic film sales in the United States. The company's ubiquity was such that its tagline "Kodak moment" entered the common lexicon to describe a personal event that demanded to be recorded for posterity.
Kodak began to struggle financially in the late 1990s as a result of the decline in sales of photographic film and its slowness in transitioning to digital photography, despite having invented the core technology used in current digital cameras. 2007 was the most recent year in which the company made a profit. As part of a turnaround strategy, Kodak focused on digital photography and digital printing and attempted to generate revenues through aggressive patent litigation.
That brings us to today. Time will tell what the future brings.
With the court approval, the company's exit from bankruptcy is now imminent, Chief Executive Antonio Perez said in a statement.
"Next, we move on to emergence as a technology leader serving large and growing commercial imaging markets," he said, adding the company will have a leaner structure and a stronger balance sheet.
Kodak plans to emerge from bankruptcy as early as September 3, its attorney, Andrew Dietderich, said at a hearing in U.S. Bankruptcy Court in New York.
Here is some history via Wikipedia:
Eastman Kodak Company, commonly known as Kodak, is an American multinational imaging and photographic equipment, materials and services company headquartered in Rochester, New York, United States and incorporated in New Jersey.
It was founded by George Eastman in 1888. Kodak is best known for photographic film products. During most of the 20th century Kodak held a dominant position in photographic film, and in 1976 had a 89% market share of photographic film sales in the United States. The company's ubiquity was such that its tagline "Kodak moment" entered the common lexicon to describe a personal event that demanded to be recorded for posterity.
Kodak began to struggle financially in the late 1990s as a result of the decline in sales of photographic film and its slowness in transitioning to digital photography, despite having invented the core technology used in current digital cameras. 2007 was the most recent year in which the company made a profit. As part of a turnaround strategy, Kodak focused on digital photography and digital printing and attempted to generate revenues through aggressive patent litigation.
That brings us to today. Time will tell what the future brings.
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