Thursday, January 19, 2012

Kodak Has Filed For Bankruptcy

Kodak Has Filed For Bankruptcy

Eastman Kodak To File For Bankruptcy

Eastman Kodak Co, inventors of the hand-held camera, the digital camera and helped bring the world the first pictures back from the Moon, has filed for bankruptcy protection, capping a prolonged plunge for what remains one of America’s best-known companies. The 130-year-old photographic film behemoth, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going.

Kodak said it and its US subsidiaries had filed for chapter 11 business reorganisation. Non-US subsidiaries were not covered by the filing, it added. ”The board of directors and the entire senior management team unanimously believe this is a necessary step and the right thing to do for the future of Kodak,” chairman and chief executive Antonio M Perez said in a statement. Read the full article »»»»

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