Just saw this on the New York Times: Eastman Kodak Files for Bankruptcy - NYTimes.com by MICHAEL J. DE LA MERCED
Eastman Kodak, the 131-year-old film pioneer that has been struggling for years to adapt to an increasingly digital world, filed for bankruptcy protection early on Thursday.
The American icon had tried a number of turnaround strategies and cost-cutting efforts in recent years, but the company — which since 2004 has reported only one full year of profits — ultimately ran short of cash.
“Since 2008, despite Kodak’s best efforts, restructuring costs and recessionary forces have continued to negatively impact the company’s liquidity position, ” Kodak’s chief financial officer, Antoinette P. McCorvey, said in a court filing on Thursday.
Citigroup is providing Kodak with $950 million in financing to allow the company to keep going. Kodak plans to continue operating normally during bankruptcy.
The company will also seek to continue selling a portfolio of 1,100 digital imaging patents to raise cash for its loss-making operations.
Kodak has become the latest giant to falter in the face of advancing technology....