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A sad ending of a long film: Kodak in bankrupcy

Everyone knows by now that Kodak has been in free-fall for quite some time. Sooner or later had to get the final moment. Sad, but evidence that one of the icons of photography, a company that has meant so much to its long history that began in 1888, could not adapt to today’s digital world even though they were the pioneers.

The fact is that in an official statement Kodak have released the bankruptcy filing.

With the rapid growth of technology Kodak flourished thanks to the film within this field, but it needed more than good intentions to continue to exist and compete in an increasingly tough and accelerated market. In the advent of digital devices, Kodak did not swiftly adapt and has grown from a workforce of 60,000 employees to just 7,000. Not being able to make enough profits since 2007. The company led by Antonio M. Perez announced yesterday january 19th, in a statement posted on its website about his decision to invoke the supervision of a court to conduct its bankruptcy.

Kodak owns more than a thousand patents in the photographic industry, aims to clean up its liquidity position in the U.S. and abroad, and “monetize their intellectual property rights of non-strategic”, resolve the status of their liabilities and concentrate their efforts on more profitable lines of business.

The company announced it has secured a credit line of $ 950 million (740 million) of Citigroup, which was closed last week and expire in a year and a half. With this application, Kodak aims to enhance liquidity in the U.S. and abroad, return on intellectual property strategy, resolve the status of the liabilities and focus on the most competitive businesses.

In recent years it has devoted most of their investments in the area of digital and high-tech material, which generated 75% of its revenue in 2011. However, this situation has not convinced investors: their actions were at risk of exclusion from the New York Stock Exchange, due to the collapse of its contribution, which kept its price below a dollar. Under NYSE rules, a company has six months from receipt of the notice to return to meet the requirement of minimum share price of a dollar.

The ultimate end of Kodak is getting closer. After nearly 132 years, the film approaches to one of its endings.

Image source: http://www.rfi.fr/sites/filesrfi/imagecache/rfi_43_large/sites/images.rfi.fr/files/aef_image/2012-01-19T163416Z_29854365_GM1E81K01RV01_RTRMADP_3_KODAK_0.JPG

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