In a move that will likely affect the future operations of Print companies in Canada and the GTA, notably Mississauga, Eastman Kodak has reportedly filed for bankruptcy protection. News of the bankruptcy protection motion was reported in the New York Times on January 19, 2012.
Citigroup Financial will provide the $950 million in financing to the struggling company while Kodak quickly moves to sell off its 1,100 digital patents. The company currently owns approximately $5.1 billion in assets and has almost $6.8 billion of debt.
Kodak will see a transformation in the coming months, according to Antonio Perez, Kodak CEO and chairman. Kodak will be exiting traditional operations, closing processing labs and scaling down its workforce, a move it has been making since 2003. Manufacturing plants are also slated to close in the coming months.
A voluntary chapter 11business reorganization is already underway. The company hopes maximize digital capture patents for mobile and consumer electronic devices, revenue which has helped generate over $3 billion of revenue since 2003.
The company will also be addressing its cost structure and work on monetizing non-core IP assets and will strive to remain a market leader in digital imaging and materials sciences.
Kodak’s new orientation, which will be evident in the upcoming months, will be of interest to local suppliers who offer printing services, especially for those involved in digital imaging.
Eastman Kodak has had a long history in the digital imaging market dating back to the 1800’s.
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