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    WSJ: Kodak Preparing for Bankruptcy

    Eastman Kodak Co. is preparing for bankruptcy in the "coming weeks" in case efforts to sell its patents fall through, the Wall Street Journal reported on Wednesday.

    The photography and imaging equipment company has long struggled with revamping itself as a technology company amid advancements in digital cameras and photo sharing.  Shares of Kodak have closed under $1 for 30 consecutive trading days, the Journal reported.

    Kodak has cut global staff to 18,800 from a peak of 145,300 in 1988. Jobs at its headquarter in Rochester, N.Y. were cut to 7,100 from 60,400 in 1982, according to the Associated Press.

    The company is in discussions with potential lenders for $1 billion in financing to keep it afloat during bankruptcy proceedings, sources told the Journal.

    Christopher Veronda, a spokesman for Eastman Kodak, told ABC News the company had no comment, "as it's our long-standing policy not to comment on market rumors or speculation."

    If the company does file for Chapter 11 bankruptcy, it would operate normally and try to sell its 1,100 patents through a court-supervised bankruptcy auction, the Journal reported.

    On Tuesday, Kodak disclosed the New York Stock Exchange warned the company's shares could be delisted unless it gets its finances in order in the next six months.

    The company has been called Eastman Kodak Company since 1892 under George Eastman , who tinkered with film and photography machines. In 1888, the word KODAK was registered as a trademark for a camera that could be used by a larger market, according to the company.

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    52 comments

    • Heff  •  1 mth 19 days ago
      Ironically Kodak INVENTED digital photography.
    • Ugly and Jew  •  Newark, New Jersey  •  1 mth 19 days ago
      A Kodak employee developed the first prototype of a digital camera. The stupid management never paid attention to it to productize it. Now they die because they lost the war to digital cameras. They thought their film product will last for ever.

      Kodak dies because of their jerks in their upper management. Cluesles and short visioned.
    • Tall Timbers  •  1 mth 19 days ago
      Kodak was a good company. They made a grand effort to remake themselves and change with the times,.. they just started changing a little late. I'll hate to see this particular company go under.
    • Bill  •  White Oak, Texas  •  1 mth 19 days ago
      I also loved Kodachrome, but the EPA finished that off, just like they have a lot of other things.It was not as hazardous as the EPA would like you to believe. Some of the most beautiful and technically perfect photos could have never existed without Kodachrome.
    • Leeroy Jenkins  •  1 mth 19 days ago
      I'm sure the board of directors have scheduled a bonus for a job well done.
    • HarryBack  •  1 mth 19 days ago
      Don't take my Kodachrome away!!
    • Itasca guy  •  1 mth 19 days ago
      Kodak workers were willing and able to compete with the world.

      Kodak leadership failed them.
    • Kwang Yi  •  1 mth 19 days ago
      Brand name Kodak alone should be worth some good fortune. They should reorganize, hire bright engineers, and revamp itself to former glory. Kodak Portra and Velvia was the bench-marked by their competitors in film business, and there is no reason why they can't play dominance in digital imaging business.
    • L  •  Ocala, Florida  •  1 mth 19 days ago
      They're an oldie but goodie...what a shame.
    • 6th Rock From the Sun  •  1 mth 19 days ago
      This isn't a Kodak moment.
    • Mason Cuda  •  Orlando, Florida  •  1 mth 19 days ago
      Pretty soon, there will be nothing at all manufactured in the United States, except unemployment, fear, poverty, and endless government corruption. Got to love the global village, that left our cities rusted up in decay.
    • Kwang Yi  •  1 mth 19 days ago
      When company appoints Wall Street seasoned salesman at the helm, it drowns, just as how Intel is going downhill with their salesman CEO. What do people expect, hiring Al Bundy like character to lead tens of thousands of employees?
    • Tony D  •  1 mth 19 days ago
      At one time Kodak led the pack with new ideas, processes and products. Lately, they mostly followed with the existing technology. Selling off the patents is just a fire sale. To thrive, they need to go back to doing what they did best..... inventing something new.
    • Fred  •  1 mth 19 days ago
      I just cant picture it. I am sure it will have a negative impact on rochester. I shutter to think what will happen.
    • GW  •  1 mth 19 days ago
      It has been a long time coming. I am sorry for the workers of this company, and that being said, I would support the tar and feathering of their leadership since 1982.
    • RDL  •  1 mth 19 days ago
      Ther was a time I used nothing but Tri X Black and White film. Few products were as good. But, like the rest of the planet, photos are taken digitally and Kodak just does not compete. So like Olds, Dodge, Sears, Pan Am, American Airlines, Mercury and a whole lot of others go to the dust bin of history so to will Kodak. I don't know about in this case but until the American public refuses to buy Made in China and insist upon American products we the working public will be in the same toilet as Kodak. Time to get off mid east oil as well.
    • joe  •  Quito, Ecuador  •  1 mth 19 days ago
      Wow, another American icon falls. Used my little kodak instamatic for two years in the monsoon rains in Vietnam in 67-68 and still worked like new. Sad end to a once innovative force in the photo industry.
    • Michigan Guy  •  1 mth 19 days ago
      Where am I going to get my Kodak Brownie repaired?
    • Sherley  •  Lima, Ohio  •  1 mth 19 days ago
      Kodak has been around a long......time.....I still have my brownie box camera.....A great American company....but every thing today says made in China, Korea, Japan......how sad we used to be a great country for textile, camera's, steel, farm equipment, Furniture, all done with pride.....built to last .....and our garment industry was great..............to day you can't even get a dress with a 5/8" seam it it .............and nothing fits like it used to.....Maytag was built to last and if you get 5yrs out of it your the lucky one....................Good Bye .......
    • Boo  •  1 mth 19 days ago
      That's too bad. Just another business,etc. that has been around forever. Like the post office, newspapers, etc.. It is really sad they all may become extinct, so to speak. Except, instead of a meteor, or some other natural disaster, it's technology .
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