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
truthisfreedom
(23,148 posts)RUMMYisFROSTED
(30,749 posts)Exhibit A: Buggy Whips
Exhibit B: Animal Skin Clothes
Burge
(17 posts)You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
PavePusher
(15,374 posts)It's a renewable resource.
LanternWaste
(37,748 posts)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...)
Ohio Joe
(21,756 posts)JustAnotherGen
(31,828 posts)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.
frylock
(34,825 posts)really saddens me to read this.
hunter
(38,317 posts)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)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)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:
woo me with science
(32,139 posts)Dead_Parrot
(14,478 posts)Rochester
(838 posts)Mr Dixon
(1,185 posts)Evasporque
(2,133 posts)and stayed afloat