Thursday, January 19, 2012
Kodak is a household name for camera, this particular brand is well known outside America and Europe.
Heck, i knew Kodak as my 1st ever camera when i was a small 5 year old boy residing in Sabah, Malaysia.
Even Rihanna was featured in Kodak's advertisement.
Kodak was founded by George Eastman in 1892, 130 years ago, hence the name Eastman Kodak. The headquarters is in Rochester, New York, United States of awesome America and is credited for supplying human beings the first ever photos from the Moon.
However a shocking news erupted today on January 19, 2012, the household name and world famous Kodak, sadly has filed for Chapter 11 bankruptcy protection. It had also obtained a USD $950 million, 18-month credit facility from Citigroup to keep it going. What the hell happened?
The loan and bankruptcy protection from U.S. trade creditors may give Kodak the time it needs to find buyers for some of its 1,100 digital patents, the key to its remaining value, and to reshape its business while continuing to pay its 17,000 workers.
"The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," Chairman and Chief Executive Antonio Perez said in a statement.
"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core intellectual-property assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company," he added.
At end September 2011, the group had total assets of USD$5.1 billion and liabilities of USD$6.75 billion.
Kodak said it and its U.S. subsidiaries had filed for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
Non-U.S. subsidiaries were not covered by the filing and would continue to honor all obligations to their suppliers, it added.
A FALLEN ICON
Kodak once dominated its industry and mesmerizes the world, but it failed to embrace more modern technologies quickly enough, such as the digital camera -- ironically, a product it even invented.
Its downfall hit its Rust Belt hometown of Rochester, New York, with employment there falling to about 7,000 from more than 60,000 in Kodak's heyday.
Its market value has sunk to below USD$150 million from USD$31 billion 15 years ago.
Well i am sure, Kodak will not be in its present state of affairs, had Steve Jobs worked in that company.
All the Best Kodak.