By Osagie Alonge
Multinational imaging and photographic equipment, materials and services company, Eastman Kodak Company commonly known as Kodak has filed for bankruptcy. Reports say the New York-based company failed to ‘remake itself for the digital age’.
Kodak which was founded 131 years ago says it has filed for protection under Chapter 11 of the US bankruptcy code, along with its US subsidiaries. However, its units in other places have not been affected.
Antonio Perez, chairman and chief executive of Kodak says the company had shed 47,000 jobs and closed 13 manufacturing plants and 130 processing labs since 2003.
The decision to declare bankruptcy, Kodak says, was its board’s unanimous decision. It has also been agreed that the company’s portfolio of digital imaging patents will be sold to ‘ease off the company’s financial pressures’.
The shocking move will however protect the company from its creditors while it reorganises its financial structure. Kodak intends to bounce back in 2013.
‘Kodak is taking a significant step toward enabling our enterprise to complete its transformation‘, Mr Perez said.
Kodak was founded by George Eastman in 1892.
