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Kodak files for chapter 11 bankruptcy protection - Protective Phone Covers - Colored Cardboard Boxe by e55he swrzsnb
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Kodak files for chapter 11 bankruptcy protection - Protective Phone Covers - Colored Cardboard Boxe by E55HE SWRZSNB
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Article Posted: 08/21/2012 |
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Kodak files for chapter 11 bankruptcy protection - Protective Phone Covers - Colored Cardboard Boxe |
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Business,Business News,Business Opportunities
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"The board of directors and the entire senior management teamunanimously believe that this is a necessary step and the rightthing to do for the future of Kodak," said Chairman and ChiefExecutive Antonio M. Perez. Earlier this month we reported that, according to the Wall Street Journal , the photography firm, which offers digital cameras and printersas well as photographic film, was making "last-ditch efforts" tosell off some of its patents in a bid to avoid having to prepare aChapter 11 bankruptcy Cell Phone Protective Film. Some 1,100 patents couldbe sold in the move, which equates to around 10 percent of itstotal patent library. See also: Kodak says Samsung Galaxy Tab infringes patents . However, it appears the efforts failed and the 131-year-old companyhas now filed for Chapter 11. Kodak has obtained a $950m, 18-month credit facility from Citigroup to to ensure it remains afloat during bankruptcy proceedings. Kodaksaid the credit facility, which is subject to court approval, would" enable the company to focus on its most valuable business lines".However, t here are concerns regarding what will happen to the firm's 19,000members of staff now the Chapter 11 filing has gone ahead. " Kodak is taking a significant step toward enabling our enterpriseto complete its transformation ," said Perez. "The Board of Directors, the senior management team and I wouldlike to underscore our appreciation for the hard work and loyaltyof our employees. Kodak exemplifies a culture of collaboration andinnovation. Our employees embody that culture and are essential toour future success." The photography firm believes the Chapter 11 filling will ensure itcan maximise the value of two specific area of its portfolio,digital capture patents that are used in mobile devices and otherconsumer electronics that capture digital images along with"breakthrough" printing and deposition technologies. Kodak expectsthe reorganisation of the company to be completed by 2013. In Q3, Kodak reported it had made a quarterly loss of $222m andmarked the ninth consecutive quarter the firm has made a loss. TheWall Street Journal's predictions saw Kodak's shares take a hit,falling 28 percent. However, the firm says sales of printers and consumables in Q3 were44 percent up on the same time last year. Despite this, IDC saysKodak has only a 2.6 percent share of the printer market and ranksfifth in the world behind the likes of HP. Since 2003, Kodak has closed 13 manufacturing plants and 130 processing labs, andreducing its workforce by 47,000. Printer buying advice See all printer reviews. I'm a professional writer from Protective Phone Covers, it offers large excellent products about Protective Phone Covers, and many more. Please don't hesitate to click it ! I am an expert from screen-protectivefilm.com, while we provides the quality product, such as Protective Phone Covers , Colored Cardboard Boxes Manufacturer, Screen Protective Film,and more.
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