Kodak Bankruptcy
Kodak Bankruptcy – I just heard this a couple of hours ago but Kodak has filed for Chapter 11 Bankruptcy. And this is significant news not just for the stock markets but for the digital camera and photography space.
Here are the headlines out from Bloomberg about the Kodak Bankruptcy:
- *KODAK FILES FOR BANKRUPTCY IN NEW YORK
- *EASTMAN KODAK SECURES $950M IN DEBTOR-IN-POSSESSION FINANCING
- *KODAK TO MONETIZE NON-STRATEGIC INTELLECTUAL PROPERTY :EK US
- *EASTMAN KODAK SAYS NON-U.S. UNITS NOT INCLUDED IN U.S. FILING
- *KODAK SAYS CHAPTER 11 A `NECESSARY STEP’, `RIGHT THING TO DO’
- *KODAK EXPECTS TO PAY EMPLOYEE WAGES-BENEFITS :EK US
Kodak Bankruptcy – Press Release
According to the Business Wire:
“Eastman Kodak Company (“Kodak” or the “Company”) announced today that it and its U.S. subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.”
And the news that would be relevant to the digital camera afficionados with regards to the Kodak bankruptcy here are:
“Chapter 11 gives us the best opportunities to maximize the value in two critical parts of our technology portfolio: our digital capture patents, which are essential for a wide range of mobile and other consumer electronic devices that capture digital images and have generated over $3 billion of licensing revenues since 2003; and our breakthrough printing and deposition technologies, which give Kodak a competitive advantage in our growing digital businesses.”
What is interested is that this was THE COMPANY that made photography possible. That’s why the image for this post is the iconic yellow canister of Kodak film.
And from MSN Money:
“After trying unsuccessfully to profit from digital cameras and online photo-sharing tools like EasyShare, Kodak now sees its future in the printer business, both in home photo printers and commercial high-speed presses. Kodak is pouring money into the business in hopes of making it successful. Its digital-imaging unit lost $90 million in the third quarter. “
Kodak Bankruptcy
It seems that Kodak wanted to branch out into businesses and ventures that were outside of its forte. And thus the reason for the Chapter 11 Kodak Bankruptcy filing.
If you have read our article on the History of Digital Photography, you will know that it was Steve Sasson and his supervisor, Gareth Lloyd were later awarded U.S. Patent 4,131,919 for their invention of the digital camera. It was in December of 1975 that an electrical engineer of Eastman Kodak company captured the first digital image.
Now that the Kodak Bankruptcy affects this iconic company, who will be the players to step up and fill this void?
Kodak Bankruptcy sources:
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