[Tig] Eastman Kodak Company filed for Chapter 11 bankruptcy protection

Bob Friesenhahn bfriesen at simple.dallas.tx.us
Thu Jan 19 15:13:08 GMT 2012


On Thu, 19 Jan 2012, Frank Hellmann wrote:
>
> It's sort of a sad day...
>
> Eastman Kodak Company filed for Chapter 11 bankruptcy protection in New York early Thursday.
> Kodak listed total assets of $5.1 billion and debts of $6.75 billion in the filing in the southern district of New York.

The good news is that this is Chapter 11.  Eastman Kodak is not quite 
dead yet.  There is a possibility to save the company by shuttering 
non-profitable parts and absolving the company of certain debt 
obligations related to specific business units.  This is not something 
that Kodak was able to do on its own, but judicial decisions could 
make it possible.  They are not that far into the hole.  Hopefully not 
too many retirees are depending on Kodak pension plans.

GM and Chrysler were in similar woes just a few years ago.  Of course 
those two companies were "gifted" billions of dollars from the US 
government, many lenders/investors took a 100% haircut, and the US 
goverment remains their largest unsecured shareholder (regardless of 
TV adds to the contrary).

Bob
-- 
Bob Friesenhahn
bfriesen at simple.dallas.tx.us, http://www.simplesystems.org/users/bfriesen/
GraphicsMagick Maintainer,    http://www.GraphicsMagick.org/



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