Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

dipsydoodle

(42,239 posts)
Wed Jan 4, 2012, 03:20 PM Jan 2012

Kodak Preparing for Chapter 11 Filing

Eastman Kodak Co. is preparing for a Chapter 11 bankruptcy-protection filing in the coming weeks should efforts to sell a trove of digital patents fall through, people familiar with the matter said.

The struggling photography icon, which employs about 19,000 people, is in discussions with potential lenders for around $1 billion in so-called debtor-in possession financing that would keep it afloat during bankruptcy proceedings, the people said. A filing could occur as soon as this month or early February, one of the people said.

A Kodak spokesman said the company "does not comment on market rumor or speculation."

Should Kodak seek Chapter 11 protection from creditors, the company would then try to sell its portfolio of 1,100 patents through a court-supervised bankruptcy auction, the people said. Kodak would continue to pay its bills and operate normally while under bankruptcy protection, the people said.

Read more: http://online.wsj.com/article/SB10001424052970203471004577140841495542810.html#ixzz1iWEd8KjT


17 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Kodak Preparing for Chapter 11 Filing (Original Post) dipsydoodle Jan 2012 OP
Tragic. truthisfreedom Jan 2012 #1
Predictable. RUMMYisFROSTED Jan 2012 #2
Exhibit C: Burge Jan 2012 #4
The leather and fur clothing industry is alive and well. PavePusher Jan 2012 #5
I don't think that predictability denies tragedy LanternWaste Jan 2012 #14
A shame Ohio Joe Jan 2012 #3
This makes me so sad JustAnotherGen Jan 2012 #6
my grandfather worked for kodak for over 20 years.. frylock Jan 2012 #7
Our technological prowess evaporates as these companies dissolve. hunter Jan 2012 #8
This is what happens when you take my Kodachrome away. liberal N proud Jan 2012 #9
How unfortunate... Earth_First Jan 2012 #10
I just bought a Kodak printer. :( woo me with science Jan 2012 #11
End of an era... Dead_Parrot Jan 2012 #12
How Sad. Rochester Jan 2012 #13
It happens Mr Dixon Jan 2012 #15
they could of kept making kodachrome and charged $100 per roll.... Evasporque Jan 2012 #16
This couldn't happen to a more deserving bunch of arrogant S.O.B.s. RushIsRot Jan 2012 #17
 

Burge

(17 posts)
4. Exhibit C:
Wed Jan 4, 2012, 03:57 PM
Jan 2012

You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.

 

LanternWaste

(37,748 posts)
14. I don't think that predictability denies tragedy
Thu Jan 5, 2012, 01:21 PM
Jan 2012

I don't think that predictability denies tragedy-- see the British Wreckers reacting to industrialism in the mid-nineteenth century as merely one example.

(Although I imagine many industrialists minimized and trivialized that circumstance also...)

JustAnotherGen

(31,828 posts)
6. This makes me so sad
Wed Jan 4, 2012, 04:54 PM
Jan 2012

I still know a handful employed in Rochester . . . It's like a dead icon to that community. There was something about flying into Rochester at night and seeing that old Kodak and Xerox lit up on the buildings.

hunter

(38,317 posts)
8. Our technological prowess evaporates as these companies dissolve.
Wed Jan 4, 2012, 05:06 PM
Jan 2012

For all the technical arts preserved by patents, many trade secrets, skill sets, and institutional memories are lost.

It's not the same thing as the economists' pejorative "buggy whips." The high tech chemistry and physics of the film industry have many applications in other fields -- electronics, energy, pharmaceuticals, communications...

Our society would be much more resilient and progressive if science and technology were open and transparent and the preservation and pursuit of knowledge were not left to the whims of the amoral market.

When a corporation ceases to exist, perhaps we should release the patents to the public domain and maintain the arts and technologies within our public institutions of higher learning; the arts of the science labs to the universities, the arts of the production line to the trade schools.

liberal N proud

(60,335 posts)
9. This is what happens when you take my Kodachrome away.
Wed Jan 4, 2012, 09:09 PM
Jan 2012

This is really tragic, a company who first developed the digital camera is being brought down by it.

This is happening in the industry I have worked 30 years, I am hoping for 15 more years because I am too damned old to start over.

Earth_First

(14,910 posts)
10. How unfortunate...
Wed Jan 4, 2012, 10:05 PM
Jan 2012

In 1980 one in five employees in Rochester were employed by Eastman Kodak Company.

There were nearly 62,000 employees employed by Eastman Kodak, today that number struggles to reach 5,000.

It's been devestating to the local economy.

Driving down Lake Avenue and the surrounding Kodak Park area looking at the demolished infrastructure footprints is sad.

The resturants, diners, florists, car dealerships and convenient stores that were once supported by these employees have been long gone.

:sigh:

Latest Discussions»Latest Breaking News»Kodak Preparing for Chapt...