Kodak Goes Bankrupt

Update: July 1, 2012 Yes it is final Kodak the US photography icon for decades has closed its doors and online accounts were closed with customer photos still on their servers.

For those who missed the mails, Kodak photos were closed to access after warnings were issued three weeks ago for customers to move their images to other icloud or storage facilities. For some people, it included really older memorabilia and keep sakes that are not retrievable.

Kodak unfortunately,did not keep up with the digital modern technology of the past decade and maintained their analog film business. The continued economic downturn also had an effect on Kodak in maintaining leadership in the photo industry plus miscalculating the effects of the digital age.

Kodak in deep financial troubled waters goes bankrupt and it is official that the Eastman Kodak Company and its subsidiaries started bankruptcy proceedings.

Today, Kodak filed Chapter 11 in a business re-organization that only includes the United States not outside the US territories.

The Kodak Company is in debt for 950 million dollars and the restructuring will allow the company to focus on its most profitable product lines.

Kodak Goes Bankrupt but expects that it can pay its employee their wages, and benefits as well as its customer programs.

The company obtained a 950 million debtor in possession credit line with an 18 month maturity from the Citigroup bank to help liquidate and use the funds for working capital.

Kodak Goes Bankrupt and the long history of what the word “Kodak” means dates back to 1892 and its found George Eastman. The company is a household name for photography and had a whopping 90% market share for photographic film for many decades.

The losses stemmed from the reduced sales of photo film and the new digital technology and printing in the photography industry.

Kodak Goes Bankrupt