Business

The legendary company «Kodak» filed for bankruptcy

The legendary company «Eastman Kodak», one the largest manufacturer of photographic materials and cameras, has officially filed for bankruptcy and has submitted to the court for protection from creditors under Chapter 11, United States Code (Chapter 11) bankruptcy. According to official statistics corporate debts amount to about $ 6.8 milliardovpri total assets of $ 5.1 billion.

Company, which was the first manufacturer to mass more or less cameras (since 1888!), But was never able to adapt to the world of digital photography, and now have to sell their precious patents.

The company «Eastman Kodak» was founded by George Eastman (George Eastman) in the late nineteenth century. At the peak of glory in the company employed 145 000 people (now – 19 000).

In April of 2004 «Eastman Kodak» was expelled from the most prestigious index of Dow Jones.

The situation was almost hopeless about a year ago when the share price «Eastman Kodak» dropped below five dollars.

Bank Citigroup will give Kodak a huge credit at $ 950 million – the company can continue normal operation in the process of “monetizing intellectual property,” the sale of patents, and “reduce overhead” mass layoffs of staff.

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