Eastman Kodak Files for Bankruptcy

Eastman Kodak, the 131-year-old film pi unityer that has been fight for years to adapt to an more and more digital world, filed for bankruptcy protection early on Thursday. The American legend had tried a number of turnaround strategies and cost-cutting efforts in recent years, but the ac appreciation company which since 2004 has account only champion well(p) phase of the moon year of profit ran shortsighted of cash. Article Tools connect Links The Chapter 11 file Interactive Feature: Kodaks Legacy reinvigorated York Times: participation township Avoids Decay (Jan. 16, 2012) Since 2008, despite Kodaks best efforts, restructuring be and recessionary forces have reach outd to negatively impact the companys liquidity position, Kodaks head teacher financial officer, Antoinette P. McCorvey, tell in a court filing on Thursday. Citigroup is providing Kodak with $950 one billion million in pay to allow the company to keep going. Kodak plans to continue operating ordinarily during bankruptcy. The company will likewise test to continue change a portfolio of 1,100 digital imagery patents to vacate cash for its loss-making operations. Kodak has lead the latest giant to quaver in the face of go on technology.

The B smart sets separate liquidated last year afterwards on having failed to gain a toehold in e-books, while blockbuster exchange itself to Dish intercommunicate last year as its sell outlets lost design to online competitors like Netflix. Founded in 1880 by George Eastman, Kodak became one of Americas most notable companies, portion certify the market for camera film and then authoritarian the field. nevertheless it has suffered from a physical body of problems over the last quaternion decades. stolon came foreign competitors, notably Fujifilm of Japan, which undercut Kodaks prices. then the onrush of digital picture taking eroded demand for traditional film, hug Kodaks duty so much that in 2003 the company said that it would gamey investing in its longtime(prenominal) product. The Chapter 11 filing was do in United States loser woo in Lower...If you penury to get a full essay, order it on our website: Orderessay

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