Today in TechKodak files for Chapter 11 bankruptcy
A sad day for lovers of classic photography: Famed camera and film manufacturer Kodak has officially filed today for Chapter 11 bankruptcy. According to the filing, Kodak owes about $6.75 billion in debt and has just over $5 billion in assets.
The company isn't folding completely, per se — Chapter 11 bankruptcy is a reorganization process designed to stave off shuttering the company. Many companies have been able to successfully come out of Chapter 11, such as clothing retailer Macy's. To provide information to Kodak customers and debtors, a website has been launched to provide more information about the restructuring process at www.kodaktransforms.com.
The company has struggled in recent decades. It lost a court battle to Polaroid in the 1980s, forcing Kodak out of the instant camera business. Of course, neither Kodak nor Polaroid were able to develop the following in the digital camera market needed for either company to stay afloat. Polaroid filed for Chapter 11 bankruptcy in 2001. It's assets were sold at auction, leaving stockholders with nothing and employees out of work.
[Image credit: Vick the Viking]
This article was written by Fox Van Allen and originally appeared on Tecca
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