One of the worlds largest camera and film companies has officially filed for chapter 11 today, Eastman Kodak Co. filed for the motion early Thursday morning in a Los Angeles court. The company has been fighting and struggling to remain competitive against newer companies, and it's recent venture into the printer business seemed to be the final nail in the coffin for the 131 year old company.
The company issued a statement saying they obtained "a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital." and they believed that would have "sufficient liquidity" to continue its business during chapter 11.
They also went on to say that "Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents ... and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses"
Since 2003, the company has closed 13 manufacturing plants, as well as 130 processing labs, cutting their workforce by 47,000. The company will also see a redesign in structure into two segments, commercial, and personal.
Source: Fox News
They also went on to say that "Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents ... and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses"
Since 2003, the company has closed 13 manufacturing plants, as well as 130 processing labs, cutting their workforce by 47,000. The company will also see a redesign in structure into two segments, commercial, and personal.
Source: Fox News