Kodak Calls Bankruptcy Filing 'Necessary Step' | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

    Kodak Calls Bankruptcy Filing 'Necessary Step'

    "Running short of cash and unable to sell 1,100 digital imaging patents that could have rescued it," as Rochester's Democrat and Chronicle writes, Eastman Kodak Co. today took the long-expected but still painful step of filing for Chapter 11 bankruptcy protection.

    As The Associated Press says, this raises the specter that "the 132-year-old trailblazer could become the most storied casualty of a digital age that has whipped up a maelstrom of economic, social and technological change."

    According to the Democrat and Chronicle, Kodak CEO Antonio Perez called the decision "a necessary step and the right thing to do for the future of Kodak."

    In its court filing, which is posted here, the company says it has assets totaling $5.1 billion and debts totaling $6.8 billion. Ironically, many of its assets are patents for digital innovations that Kodak pioneered — but were then capitalized on by competitors.

    In Rochester, where Kodak is based, "retirees, shareholders, management all could be bankruptcy losers," the Democrat and Chronicle adds. Perez has assured the company's approximately 18,000 employees around the world that "Kodak expects to pay employee wages and benefits" as it restructures, the newspaper says.

    The Wall Street Journal has an interactive "history of Kodak" timeline posted here.

    Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

    NPR

    Louis C.K. Reflects On 'Louie,' Loss, Love And Life

    C.K. won an Emmy for outstanding writing in a comedy series for an episode on his FX show Louie. In 2011, C.K. told Fresh Air about making his comedy special and his relationship with other comedians.
    NPR

    Diplomats And Lawyers Try To Define 'Culturally Acceptable Food'

    Some governments recently said that agricultural investments should supply "culturally acceptable food." Now they're trying to define what that is.
    NPR

    Former Iowa Lawmaker Admits To Getting Payoff Before 2012 Caucuses

    Kent Sorenson pleaded guilty in federal court to taking under-the-table payments when he switched sides between GOP presidential candidates. The former state senator previously denied the rumors.
    NPR

    Science Crowns Mozzarella The King Of Pizza Cheese

    Why do some cheeses melt and caramelize better than others? Researchers used high-tech cameras and special software to figure it out.

    Leave a Comment

    Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.