Eastman Kodak Bankruptcy
The Rochester, N.Y.-based company, Eastman Kodak Co. filed for Chapter 11 bankruptcy on Thursday. The company is known for being a pioneer in film and camera development. The 132-year-old company’s bankruptcy filing will effect hundreds of local Kodak employees, contractors, suppliers and retirees. Their Chapter 11 bankruptcy filing, will offer the company protection from their creditors as they move forward with a plan to reorganize their debts, and hopefully improve their financial future. Kodak has obtained $950 million in funding from Citigroup to continue operations during the reorganization.
Kodak considers their commercial inkjet printer development the key to the company’s profitable future. At the Miami Valley Research Park in Kettering, where Kodak employs more than 500 employees and contractors, the company is working hard developing and building commercial inkjet printers. These commercial inkjet printers are huge systems that are capable of producing 4,000 digital-format, photo-quality pages per minute, and at a price-tag of less than one cent per page. Kodak’s Kettering operation has become the company’s second-largest collection of assets outside of the their headquarters in Rochester.
“Our commercial inkjet business is one of the company’s four key growth initiatives, and Dayton is its home.” Christopher Veronda, a Kodak spokesman, said.
“We are part of their future.” Mark Schwieterman, Kettering city manager, said about Kodak’s commercial inkjet printer development in Kettering.
“This operation in the research park is core to what Kodak wants to be.” Bruce Pearson, president and chief executive of Miami Valley Research Park, stated.
“Kodak is taking a significant step toward enabling our enterprise to complete its transformation.” “We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.” Kodak CEO Antonio Perez said Thursday.
Their Chapter 11 bankruptcy filing allows for the sale of the photography divisions and patents. CEO Antonio Perez is looking to pay off creditors and legacy employee benefits while improving the commercial and consumer digital printers, as well as the company’s superior ink. Kodak’s 11,000 patents could fund the company’s expansion by allowing them to sue for more licensing fees, which they have aggressively pursued in recent weeks. Some analysts have estimated that Kodak could draw up close to $1 billion through such legal action.
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