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Entries in Cameras (2)

Thursday
Feb092012

Kodak to Stop Making Digital Cameras This Year

Daniel Acker/Bloomberg News(ROCHESTER, N.Y.) -- Say goodbye to capturing Kodak moments.

On the heels of its Chapter 11 bankruptcy filing, Eastman Kodak Company announced on Thursday it will stop making digital cameras during the first half of this year to focus on more profitable areas of the company.

In a statement, the company said it, "plans to phase out of the market for dedicated capture devices -- digital cameras, pocket video cameras and digital picture frames -- during 2012 to focus its Consumer Business on desktop inkjet, online and retail-based printing: areas that offer the most significant opportunities for profitable growth."

Kodak says it will continue to offer camera accessories and batteries that are compatible with other brands.  The company will also, "continue to honor all related product warranties, and provide technical support and service for its cameras, pocket video cameras and digital picture frames."

Thursday's announcement comes after the company filed for bankruptcy protection on Jan. 19 to, “bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines.” 

Copyright 2012 ABC News Radio

Wednesday
Jan042012

Kodak Preparing for Bankruptcy: Report

Daniel Acker/Bloomberg News(NEW YORK) -- Eastman Kodak Co. is preparing for bankruptcy in the “coming weeks” in case efforts to sell its patents fall through, the Wall Street Journal reported on Wednesday.

The photography and imaging equipment company has long struggled with revamping itself as a technology company amid advancements in digital cameras and photo sharing. Shares of Kodak have closed under $1 for 30 consecutive trading days, the Journal reported.

The company is in discussions with potential lenders for $1 billion in financing to keep it afloat during bankruptcy proceedings, sources told the Journal.

Eastman Kodak did not immediately return a request for comment from ABC News.

If the company does file for Chapter 11 bankruptcy, it would operate normally and try to sell its 1,100 patents through a court-supervised bankruptcy auction, the Journal reported.

On Tuesday, Kodak disclosed the New York Stock Exchange warned the company’s shares could be delisted unless it gets its finances in order in the next six months.

Copyright 2012 ABC News Radio







ABC News Radio