techrevu Logo with link to Main Page  
Eastman Kodak USA Begins Voluntary Chapter 11 Business Reorganization by Eastman Kodak Press Release
Eastman Kodak News  ISBN/ITEM#: CM120120EASTMAN
Date: 20 January 2012

Links: Eastman Kodak Press Release / Previous Tech Revu Article /

Rumors surrounding the future of the Eastman Kodak Company came to a head as it announced on Thursday January 19, 2012 that it and its U.S. subsidiaries have filed voluntary petitions for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York. While we were aware that Kodak held 1,100 patents, we admit to being surprised that their pioneering investments in digital and materials deposition technologies in recent years generated approximately 75% of their revenue in 2011.

From release/information:

Eastman Kodak Company and Its U.S. Subsidiaries Commence Voluntary Chapter 11 Business Reorganization

Flow of Goods and Services to Customers to Continue Globally in Ordinary Course; Non-U.S. Subsidiaries Are Not Included in U.S. Filing and Are Not Subject to Court Supervision; Company Secures $950 million in Debtor-in-Possession Financing in U.S.; Kodak's Reorganization to Facilitate Emergence as Profitable and Sustainable Enterprise

ROCHESTER, N.Y., January 19 -- Eastman Kodak Company ("Kodak" or the "Company") announced today that it and its U.S. subsidiaries filed voluntary petitions for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.

The business reorganization is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines. The Company has made pioneering investments in digital and materials deposition technologies in recent years, generating approximately 75% of its revenue from digital businesses in 2011.

Kodak has obtained a fully-committed, $950 million debtor-in-possession credit facility with an 18-month maturity from Citigroup to enhance liquidity and working capital. The credit facility is subject to Court approval and other conditions precedent. The Company believes that it has sufficient liquidity to operate its business during Chapter 11, and to continue the flow of goods and services to its customers in the ordinary course.

(Source: Eastman Kodak)

Return to Index


We're interested in your feedback. Just fill out the form below and we'll add your comments as soon as we can look them over.
Name:
Email:
Comments
Loading
© 2002-2014TechRevu

advertising index / info
Our advertisers make TechRevu possible, and your consideration is appreciated.

Our Other Pubs:

Do You SFRevu? Thousands of Intelligent Beings Do Every Month

Gumshoe Review - a literary investigation.

  © 2002-2014TechRevu