Kodak crawls out of bankruptcy as a commercial printing company

By on September 3, 2013, 4:30 PM
photography, bankruptcy, kodak, chapter 11, printing company

Photography pioneer Kodak on Tuesday ended the Chapter 11 bankruptcy it entered in January of last year. The reorganized Kodak is described by chairman and CEO Antonio M. Perez as a technology company serving imaging for business markets – including packaging, functional printing, graphic communications and professional services.

As per the bankruptcy, Kodak has successfully closed on its agreement for $695 million in term exit financing, paid off its DIP lenders and second lien noteholders in full. What’s more, the company received approximately $406 million of new equity investments from participating unsecured creditors.

Kodak will officially be out of bankruptcy following court approval in about two weeks. Since filing for bankruptcy in January 2012, the company cut jobs and even sold their online photo gallery to Shutterfly for $23.8 million.

The company hoped to bring in roughly $2 billion through the sale of a patent portfolio consisting of about 1,100 patents related to digital imaging. Ultimately, Kodak was only able to muster $525 million for the patent collection from a consortium of 12 buyers which included Apple and Google.

Kodak was founded in 1880 by George Eastman and was for many years a leader in the photography world. The company invented the hand-held camera and rolled photographic film. At its peak in the mid 1990s, Kodak’s market value topped $31 billion but their delay in getting into the digital camera business ultimately had dire consequences from which they were never able to fully recover from.




User Comments: 6

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JC713 JC713 said:

Glad to hear. Kodak couldnt go just yet.

dennis777 dennis777 said:

Glad to hear that Kodak will rise again. their was a time that the phrase "taking picture" was replace by the word "kodak". ("nagpakodak ka na ba?"

Skidmarksdeluxe Skidmarksdeluxe said:

I'm glad to hear they're still in business. It was sad to see them being kicked about after being around for so long.

RenGood08 RenGood08 said:

Oh I'm so glad Kodak hasn't been written off quite yet. I really liked their products. My first digital camera was a Kodak. I was 16 when I got it, then it lasted me until I was about...22. Then it crapped out and stopped working all together. It was sad. =/

Skidmarksdeluxe Skidmarksdeluxe said:

Oh I'm so glad Kodak hasn't been written off quite yet. I really liked their products. My first digital camera was a Kodak. I was 16 when I got it, then it lasted me until I was about...22. Then it crapped out and stopped working all together. It was sad. =/

I think a lot of peoples first camera was a Kodak. Mine too only it wasn't digital (digital camera's didn't exist back then). It was an old instamatic from the early 70's but you're probably too young to remember anything like that. Ah yes, those were the days...

RenGood08 RenGood08 said:

I think a lot of peoples first camera was a Kodak. Mine too only it wasn't digital (digital camera's didn't exist back then). It was an old instamatic from the early 70's but you're probably too young to remember anything like that. Ah yes, those were the days...

Yeah. I wasn't born until 1990 lol.

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