131-year-old company is still making last-ditch effort to sell about 1,100 patents through a court-supervised bankruptcy auction. Shares of Kodak fell 28% today on the report.
If the digital-imaging patents owned by Kodak sold, Kodak will likely survive. If not, and failed to get the debt, Kodak goodbye!
Legendary photography company Eastman Kodak, went bankrupt. Now preparing to file bankruptcy status in the coming weeks, if efforts to sell digital patent failed.
As quoted from ABC.net.au, Kodak officials have confirmed the filmmaker is in talks with potential lenders about Rp 9 trillion to prop up their balance sheets.
Eastman Kodak Company, founded by George Eastman and Henry Strong in 1892. Then, transformed into a multinational company based in Rochester, New York. The company produces a wide range of camera products, photography, printers, and others. But the era make the economic wheels of Kodak slide into bankruptcy.
Kodak Signs bankruptcy is a time in a week lost three key people in the line of their companies including Laura D. Tyson, Adam Clammer and Herald Chen.
Laura is a member of the board of directors who are also active as an adviser in the White House, the United States. He became a member of the Economic Recovery Advisory Board President Barack Obama. Laura staying digadang a person could be hope for Kodak.
Clammer and Chen were representatives of the firm KKR & Co. who joined in 2009. KKR & Co. send two representatives after buying a majority of shares owned by Kodak. The departure of the two proves investors have started to leave Kodak.
Kodak recorded a wealth of licensing royalties.
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another articles from my friend:
Eastman Kodak's trapped into bakruptcy
another articles from my friend:
Eastman Kodak's trapped into bakruptcy
NEW YORK - Eastman Kodak, a pioneer of photography is threatened with bankruptcy. A report claims that the company is preparing a filing for bankruptcy protection, which in this case can not sell digital imaging patents.
Reported by Apple Insider, Thursday (05/01/2012), sources with knowledge of the matter told the Wall Street Journal, that Kodak will submit application for Chapter 11 as soon as this month or early February. Under bankruptcy protection, Kodak will reportedly continue to operate while the court will make an effort to auction off patent 1100.
A series of patents can be a beacon of hope for the former giants of photography, which still has 19 thousand employees. Chief Executive Officer of Kodak's Antonio Perez, said last August a number of people have expressed interest in the patent portfolio.
According to sources, Kodak has failed to submit a petition to protect the fund to borrow money in order to survive with a patent pending sale. The company is also reported to, never talked to the bank for $ 1 billion in funding that will be necessary during the bankruptcy process.
Initially Kodak hopes the completion of more than $ 1 billion for royalties from Apple and Research In Motion (RIM) with a claim to the International Trade Commiccion, but the final decision of the lawsuit has been postponed until September 2012. So until this point, not yet certain Kodak can survive until next September.
An analyst since last August appreciate Kodal digital imaging patents at $ 3 billion. At that time, a portfolio worth more than five times the market capitalization of the company itself. However, after the Journal report on Wednesday, Kodak shares fell from 28 percent drastislebih making Kodak's market capitalization is only at US126, 88 million.
Kodak decline has sparked comparisons with other companies, who are helpless during the transition to the digital age. The report also noted the fate of Polaroid, Borders and Blockbbuster, all of which can not adapt to new business models.
According to former employees, Kodak is the first Apple and Google now. "We have our own opinions, to impose our own opinion that we could do anything. That we are not invincible," said Robert Shanebrook, former product manager for the film world of professional photography.
Declining movie sales, making Perez tried to focus the company's focus on printers and ink. But the results are not consistent with the expected, Kodak continue to lose money under the lead of and only able to achieve 2.6 percent market share printers.
