Kodak Bankruptcy Reorganization Plan Is Approved

Posted: Aug 21 2013, 6:50am CDT | by , Updated: Aug 21 2013, 7:12am CDT , in Technology News


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Kodak Bankruptcy Escape Plan is Approved by US Court
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Kodak has decided to start out all over again after its bankruptcy. The reorganization plan after Kodak bankruptcy is approved by US court that might work out for this beleaguered company. It will rescue it from its bankrupt past.

After it filed for bankruptcy a year ago, Kodak was left with not much to show in the way of assets. The manufacturing plants, working staff and product stocks had all but vanished. Millions of dollars had been lost due to the late entry of the Kodak Company in the digital camera race. Yesterday, Bankruptcy Judge Allan Gropper gave the green light to the company to turn on a new leaf. Since its camera-making days are over, today the Kodak Company is regenerating itself on a small-scale as a commercial and package printing enterprise. While Kodak has faced some pretty rough days, most of its talented top brass is still surprisingly intact. Just a century ago, the company was in its heyday. It enjoyed widespread popularity especially with regard to cameras, photography and quality film products.

But the first nail in the coffin came with Japanese camera technology which was a huge contrast to Kodak’s comparatively meager output. Then the digital revolution left the company biting the dust. Even a decade ago, the company was recognizable as a major brand on the scene. But after that it was all the way downhill. Today it is a failed company that is trying to resuscitate itself back to life. Parts of the old business are being sold for $650 million. Now, the only way for the company is to go up since it has already touched rock bottom. The future lies open to Kodak to snatch victory from the jaws of defeat.

Source: Reuters

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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