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Entries in Kodak (7)

Saturday
Aug252012

Kodak Goes Bankrupt and Sells Film Divisions

Daniel Acker/Bloomberg News(LOS ANGELES) -- Eastman Kodak is bankrupt, and the company is selling their film divisions, the Los Angeles Times reports.

The Rochester, N.Y.-based company wants to unload their personalized imaging and document imaging businesses that includes the “traditional photographic paper and still camera film products.”

The company hopes a deal will be sealed by the first half of 2013.

In January, Kodak filed for bankruptcy and is currently auctioning off more than 1,000 of its patents.

Copyright 2012 ABC News Radio

Thursday
Feb162012

Oscars Theater No Longer Named Kodak?

LUCY NICHOLSON/AFP/Getty Images(LOS ANGELES) -- Cameras are certain to flash and stars to flood the streets of Hollywood for the Oscars a week from Sunday, but the name of the theater where the stars will gather is unclear.

That’s because a court on Wednesday authorized to The Eastman Kodak Co. to end its sponsorship of the Kodak Theatre, the venue for the Oscars. It was unclear Thursday when the sponsorship would cease and the name of the theater would officially change.

“Kodak is a company that has been transforming,” Kodak spokesman Christopher Veronda told ABC News. “It was part of the bankruptcy court proceedings. We are taking a number of actions to reduce the cost that we undertook.”

The 20-year sponsorship agreement was signed in 2000 and was worth $72 million. New York bankruptcy court judge Allan Gropper turned down the plea by CIM/H&H Media, the landlord of the theater, to force the Eastman Kodak Co. to continue the contract.

ABC News contacted CIM but the company declined to comment.

Kodak filed for chapter 11 bankruptcy in January, and has since made cuts to save money. This month, it released a statement announcing “plans to phase out its dedicated capture devices business -- comprising digital cameras, pocket video cameras and digital picture frames.”

The push to end the theater sponsorship was another move to cut back while the company tried to rebound from debt. If it had stuck to the contract, Kodak would have had to pay about $3 million each year.

The Kodak Theatre laid out the red carpet and opened its doors at the Hollywood and Highland complex in November 2001. Since it opened, 10 Oscar ceremonies have been held there.

Veronda insisted that although the sponsorship had to end, Kodak’s relationship with the entertainment industry will continue.

“Kodak is proud of its important role in the entertainment industry and our longstanding relationship with filmmakers,” Veronda said. “We continue to play a big role in the entertainment industry.”

Copyright 2012 ABC News Radio

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

Thursday
Jan192012

Kodak Files for Chapter 11 Bankruptcy

Daniel Acker/Bloomberg News(ROCHESTER, N.Y.) -- After much speculation, Eastman Kodak Co. officially announced on Thursday it has filed for Chapter 11 bankruptcy protection.

The photography and imaging equipment company and its U.S. subsidiaries “filed voluntary petitions for the reorganization in the U.S. Bankruptcy Court for the Southern District of New York,” according to a news release posted on Kodak’s website early Thursday morning.

According to the company, the move is intended 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.”  In addition, the company said it has received $950 million in financing from Citigroup to maintain operations as it goes through bankruptcy.

Earlier this month, the Wall Street Journal reported that Kodak was preparing for bankruptcy in the “coming weeks” in case efforts to sell its patents fell through.

Kodak has long struggled with reinventing itself as a technology company amid advancements in digital cameras and photo sharing.

The company has closed 13 manufacturing plants and 130 processing labs, and has reduced its workforce by 47,000 since 2003, the release said.

Earlier this month, Kodak disclosed that 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

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

Saturday
Oct012011

Kodak Stock Loses Half its Value amid Bankruptcy Buzz

Brandon Goodman/Getty Images (NEW YORK) -- Kodak denied plans to file for bankruptcy on Friday, although the company did hire a law firm associated with restructuring.

Kodak's stock dropped 54 percent on Friday following increased buzz over alleged bankruptcy.

The company also announced this past week that it would borrow $160 million from its credit line.

Copyright 2011 ABC News Radio

Wednesday
Jan262011

Kodak Profit Drops 95% In Final Quarter of 2010

Image Courtesy -- Brandon Goodman/Getty Images for the PGA TOUR(ROCHESTER, N.Y) – Upstate New York-based Eastman-Kodak said Wednesday that its fourth-quarter revenue numbers were down 25 percent from where expectations were for many different reasons. The company’s revenue totaled $1.93 billion in the period from October to December, falling short of the $2.11 billion analysts had predicted.

While slacking sales of film and older model camera equipment have sliced into Kodak’s profits, the company also says lower prices from new companies on digital products, falling licensing fees, and an increase in commodity prices hurt their bottom line.

Kodak faces strong competition from both Sony and Canon in the digital camera market.

Copyright 2011 ABC News Radio







ABC News Radio