Kodak files for Bankruptcy

This is no surprise, but Kodak has now filed for bankruptcy. The photography firm made its money off film for decades and when the world moved to digital photography Kodak had a hard time making the transition. Kodak has officially filed for bankruptcy protection and hopes to be able to emerge from the proceedings next year as a profitable company.

I don’t see how it will get profitable since it has bee unable to turn a decent profit for a long time now. Kodak does have a huge patent portfolio that is worth a fortune that it can sell off. The company is said to be restructuring with help from $950 million in financing from Citigroup.

“Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” said Antonio M. Perez, Chairman and Chief Executive Officer. “At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.”

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