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Kodak prepares for Chapter 11 bankruptcy protection filing

Consumer Reports News: January 05, 2012 11:53 AM

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Kodak is reportedly in talks to secure approximately $1 billion in financing in order to sustain the company through bankruptcy proceedings, and also still trying to sell patents to hold off a bankruptcy filing, according to the Wall Street Journal.

If it goes forward, the Chapter 11 bankruptcy protection filing could occur as early as this month or next. If it does, Kodak's more than 1,000 digital-image patents could be sold through a bankruptcy auction supervised by a court.

In the past decade or so, the 131-year-old company lost more than 95 percent of its value, according to NPR, which points out that the company was throttled by both foreign competitors, as well as the digital revolution. In 1975, Kodak built the first digital camera. In more recent history, Kodak has focused on consumer photo printers and commercial inkjet presses.

Kodak Teeters on the Brink [Wall Street Journal]
Kodak prepares for Chapter 11 filing: report [Reuters]
Report: Kodak May File For Bankruptcy [NPR] We Had No Idea [Plugged In]

Maggie Shader

   

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