Friday, January 27, 2012

Kodak out of business

New York: In the midst of digital technologies, making the Eastman Kodak Corporation has decreased dramatically in the photographic film business. Kodak has filed for bankruptcy and announced it will initiate a restructuring program to try to save the company.

According to the Guardian website on Thursday (19 / 1), Kodak has filed for bankruptcy in an effort to survive the liquidity crisis after years of falling sales due respect to declining film business berkembanganya digital camera that takes over the market.

Eastman Kodak Co. is the pioneer of photographic film is trying to restructure the sales of consumer products such as cameras. To survive the decline in sales, it said it had obtained a credit facility of $ 950 million for 18 months from Citigroup to maintain the condition did not happen.

However, the film company has been under pressure since last September and has attracted the cash from a credit line, tip investors into liquidity problems. The company stated Kodak and U.S. subsidiaries have filed Chapter 11 business reorganization in U.S. bankruptcy court for the southern district of New York.

"The Board of Directors and senior management team fully believes unanimously that this is an important step and the right thing to do for the future of Kodak," said chairman and chief executive Antonio M Perez on Thursday (19 / 1).

The company is currently struggling to sell their patent portfolio that will be used to help strengthen its cash position. Previously, Kodak said it had filed suit against Samsung is accused of infringement of certain patents related to Kodak's digital imaging technology. (MEL)

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